Student loans can stretch an entry-level salary thin, leaving you with little left over for savings. While side hustles can be a great way to boost your income, they also require a pretty serious time commitment. That’s why finding alternative sources of income — that don’t require you to leave your couch — are so important.
But the internet is swamped with shady companies that promise to help you make money. It can be difficult to distinguish the real deals from the scams.
To help you identify the actual opportunities, we’ve vetted the following 14 ways to make money on the side to ensure they’re legitimate.
14 ways to make money on the side
These unique ideas can help you learn how to make passive income without having to make a big investment.
1. Rent out a room (or couch)
If you have a spare bedroom or even just a couch, you can make extra money by renting it out to short-term vacationers. Budget-conscious travelers book accommodations on sites like AirBnB or VRBO. Depending on your location and the space you have, you could make more than $500 a week.
2. Sell gift cards
Gift cards are a simple gift idea — you likely received a few for the holidays, your birthday, or graduation. But are all those gift cards for locations you actually shop at? According to Gift Card Granny, about $750 million in gift cards went unused in 2014.
Instead of letting those cards gather dust in a drawer, you can turn them into cash by selling your unused gift cards on sites like GiftCards.com or Raise. Depending on the card’s brand, you can get as much as 92 percent of the card’s value.
3. Give out micro-loans
If you have some money in savings, you can make it work harder for you by investing with peer-to-peer lending. With services such as Lending Club you can help individual borrowers by partially funding their personal loans.
Some people need a loan for a dream wedding or to launch a business. You lend them some money and the returns you get on your investment are based on their risk profile and credit worthiness. To diversify your investment, you can give out several small loans rather than one big one.
4. Create blog content
Freelance writers can make a lot of money, but it takes a lot of time, commitment, and experience to command higher prices. For those who need extra cash fast, content mills can connect you with clients and pay you quickly.
The rates you’ll earn will be much less than what you’d get on your own, but you don’t have to do any of the administrative work or find clients yourself. You can get to work right away and start earning cash.
One resource is BlogMutt. Once you become a BlogMutt writer, you can complete as many assignments as you want each week. While the company only pays $8 a post, most articles are short and relatively easy. BlogMutt pays you for your work every Monday, so it can be a quick source of money when you need it.
5. Open a new bank account
You can earn hundreds just by opening a new checking or savings account. Right now, you can get up to $300 by opening an account with Chase and setting up direct deposit. That’s a great bonus you can use to jumpstart your emergency fund.
However, there are risks to opening new bank accounts for the bonuses. Learn about possible drawbacks, and three times this option makes sense.
6. Shop for clothes
If you love to shop for new outfits, you can turn that interest into real cash. Does It Fit My Butt? is a new app that helps women find clothes that work for their bodies.
When you sign up, you enter your measurements. Every time you try on outfits in a store, you post a picture of the looks you love and scan the barcodes of each item. If someone likes your outfit and wants to buy it, they pay $0.99 to find out where to get it. You keep $0.50 of that as a finder’s fee. Best of all, there’s no limit to how much you can earn.
One photo can continue to earn money for you month after month, so it’s a good source of passive income.
7. Post affiliate links
If you have a website, blog, or social media account, one of the most effective ways to make money on the side is to post affiliate links.
If you don’t have a huge following, platforms like ShopStyle Collective can be helpful because they pay you per click, not per purchase. Even if someone just views your links, you can still earn a few cents every time.
8. Sell old clothes and accessories
If you have clothes you no longer wear or accessories you never use, make some extra money by selling them online.
Poshmark and eBay are two sites where you can sell your items for the price you set. While you can make more money with these sites than with other platforms, you may have to wait a while for a buyer.
ThredUP is great for when you don’t want to do all of the selling yourself. You simply send in a bag of items and they pay you a flat fee for what they can accept.
9. Test out listing features
If you have a little spare time, you can make money testing out listing features with Amazon Mechanical Turk. When you sign up, you can take on tasks like checking spelling, looking for item numbers, or comparing products.
Each task pays just a few cents, but you can easily complete many in a few minutes.
10. Invest your change
When you’re learning how to make passive income, investing is a good place to start. But it can be overwhelming getting set up. Acorns takes the pain out of investing and helps you start by using your spare change.
Whenever you make a purchase, the Acorns app rounds up your purchase and invests the difference for you. Over time, these micro-investments can add up to big returns.
11. Shop at real stores
If you shop at brick-and-mortar stores, you can earn gift cards by using the shopkick app. When you sign up, the app will list stores near you that offer “kicks,” or rewards points, for visiting. You earn points just for walking in.
You can earn more by scanning item barcodes with the app or making your normal purchases. You can redeem your points for gift cards to your favorite stores.
12. Refer products
People trust their friends and family for recommendations far more than they trust advertising or a stranger’s reviews online. If you have a favorite product, you can help your loved ones and earn money at the same time.
Many companies, including banks or credit card firms, have referral programs. You sign up for an account and get a unique referral link you can share via email or on social media. If someone purchases a product or signs up for the service you recommended, you get a referral bonus.
The bonuses can be lucrative. For example, right now Student Loan Hero is offering $400 for every friend you recommend who refinances their student loans.
13. Rent out your car
If you don’t use your car every day, you can turn it into a money-making machine by renting it out through Turo. Turo connects car owners with renters in your area. On average, owners who list their car on Turo make $720 a month.
You can rent out your car whenever it’s convenient for you, such as only on weekends or certain times of the year.
14. Sell your smartphone pictures
If you love taking pictures with your phone while you’re on the go, you can sell those photos for cash.
Small businesses constantly need stock photos for their blogs and social media channels, and your smartphone pictures may be exactly what they’re looking for.
Earning extra money
These 14 ways to make money on the side are easy to do and don’t require much of your free time. You can find alternative sources of income to pay off your loans or boost your savings just by spending a few minutes a day online.
Looking to make even more money? Check out these simple side hustles you can start tomorrow.
Interested in refinancing student loans?Here are the top 8 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.20% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of December 13, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 12/13/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Figure.
Figure’s Student Refinance Loan is a private loan. If you refinance federal loans, you forfeit certain flexible repayment options associated with those loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal consolidation alternatives.
4 Important Disclosures for College Ave.
College Ave Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1College Ave Refi Education loans are not currently available to residents of Maine.
2All rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
3$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.
4This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 1/1/2020. Variable interest rates may increase after consummation.
5 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of November 8, 2019 and is subject to change.
6 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.
7 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.76% effective November 10, 2019.
8 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810.
As of 12/019/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.
|1.99% – 6.89%1||Undergrad & Graduate|
|2.31% – 7.36%2||Undergrad & Graduate|
|2.06% – 6.81%3||Undergrad & Graduate|
|2.62% – 6.12%4||Undergrad & Graduate|
|2.29% – 6.65%5||Undergrad & Graduate|
|1.99% – 7.06%6||Undergrad & Graduate|
|1.81% – 6.29%7||Undergrad & Graduate|
|1.90% – 8.59%8||Undergrad & Graduate|