The coronavirus outbreak has created many financial hardships, especially for those struggling with student loans and/or job loss. Visit our Coronavirus Information Center for more information about how the response to the outbreak affects your student debt, as well as other ways to earn money from home during the pandemic.
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Student loan debt can stretch an entry-level salary thin. If you are struggling to make ends meet, you may be wondering how to make money without getting a second job. Earning more could help you get out of student debt faster while providing extra cash for your savings.
While side hustles can be a great income booster, the internet is swamped with shady companies. To help you identify real side-gig opportunities, we’ve vetted 15 legitimate ones.
How to make money without a second job
These unique ideas may help you learn how to make passive income without having to make a big investment of time.
If you already work a full-time job, you may want to try to make extra money without getting a second one:
1. Rent out a room
2. Sell gift cards
3. Give out microloans
4. Create blog content
5. Open a new bank account
6. Become a mystery shopper
7. Post affiliate links
8. Sell old clothes and accessories
9. Test out listing features
10. Invest your change
11. Shop at real stores
12. Crafty? Open an Online Store
13. Refer products
14. Rent out your car
15. Sell your smartphone pictures
Plus: How you can use that extra money
If you have a spare bedroom or even just a couch, you could 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 month or more.
Gift cards are a simple gift idea — you’ve likely received a few for the holidays, your birthday or graduation. Instead of letting those cards gather dust in a drawer, you can turn them into cash by asking family and friends if they would like to buy them directly from you.
Next, try selling your gift cards on a gift card exchange website like GiftCash.com or CardKangaroo.com. Depending on the card’s brand, you might be able to get as much as 92% of the card’s value.
If you have some money in savings, you might make it work harder for you by investing with peer-to-peer lending. With services such as Lending Club or Kiva.org, you can help individual borrowers by partially funding their personal loans. Lending Club is a more traditional venue for investors and start-ups, while Kiva’s focus is working with underserved organizations around the world.
Some people need a loan for a dream wedding or to launch a business. You can 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.
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 Verblio (previously known as BlogMutt). Once you become a Verblio writer, you can complete as many assignments as you want each week. While pay starts at $10.50 for a 300 to 400 word post, it can add up, and according to Verblio’s website, it goes up from there.
Verblio pays you for your work via PayPal every Monday, so you’d need to have a PayPal account to receive compensation. Still, it may be a quick source of money when you need it.
You could earn money just by opening a new checking or savings account. For example, TD Bank is offering as much as $300 to new customers who open a TD checking account as of May 20, 2020. However, the downside is that there are often caveats attached, like having to have a specific amount in direct deposits before you get the extra money.
But it may be worth contacting banks directly to find out if they offer any cash-based promotions. A few hundred dollars could be a way to jumpstart your emergency fund.
Be warned, though: there are risks to opening new bank accounts for the bonuses. Learn about possible drawbacks, and three times this option makes sense.
If you enjoy shopping, you might want to consider being a mystery shopper. These side gigs are usually run by third-party vendors who pay workers to go incognito into stores, then report on their experiences. Mystery shoppers may purchase items and then get reimbursed for their purchases.
A good place to start learning about mystery shoppers is MSPA Americas, formerly named the Mystery Shopping Providers Association of North America).
This trade association represents the customer experience industry in the U.S., and its website provides a wealth of information about mystery shopping in the retail industry.
Looking to sign-up with a company right away? One option is BestMark.com, a company that hires mystery shoppers and has received an A+rating from the Better Business Bureau.
If you have a website, blog or social media account, posting affiliate links could be an effective way to make money on the side.
You can join affiliate networks like Amazon, ShareASale or ShopStyle Collective. Post links on your sites to your favorite products and earn commission when someone purchases the item.
If you don’t have a huge following, platforms like ShopStyle Collective can be helpful, as they pay you per click on the authorized links, not per purchase.
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 percentage of ThredUP’s selling price.
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, maybe up to a dollar an hour, but you can easily complete many in a few minutes.
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. A basic account with Acorns costs $1 a month.
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 can earn points just for walking in.
Plus, you can earn more by scanning item barcodes with the app or making your normal purchases, and redeem your points for gift cards to your favorite stores or for cash credit via PayPal.
If you have crafting or artistic abilities, you might want to sell your goods via an online platform, like Etsy, which sells vintage and handmade items, along with art and crafting supplies, or Amazon Handmade, a marketplace for handmade goods. Depending on your marketing skills and products, you could earn money on the side with an online shop while enjoying your hobbies and exploring your talents.
People often consult their friends and family for recommendations, so 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 potentially lucrative referral bonus.
If you don’t use your car every day, you can turn it into a money-making machine by renting it out through Turo, which connects car owners with renters in your area. On average, owners who list their car on Turo make upwards of $500 a month.
You can rent out your car whenever it’s convenient for you, such as only on weekends or during certain times of the year.
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.
Services like EyeEm, Foap and Adobe Stock (formerly Fotolia) allow you to list and sell your photos through their apps. Pictures can sell for $5 to $250 or more, depending on the photo.
These are 15 ways of how to earn more money without getting a second job. You can use these alternative sources of income to help pay off your student loans, pay down other debts or simply boost your savings. Some side jobs take hours, while others may only take a few minutes a day.
Looking to make even more money without a second job? Check out these simple side hustles you can start tomorrow.
Maya Dollarhide contributed to this report.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 6.65%1||Undergrad & Graduate|
|1.99% – 7.10%2||Undergrad & Graduate|
|2.99% – 6.44%3||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 6.43%4||Undergrad & Graduate|
|3.19% – 6.08%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 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 June 23, 2020 and is subject to change.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
3 Important Disclosures for SoFi.
4 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 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% 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 June 15, 2020, 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 6/15/2020. 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 protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 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.
5 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 0.2% effective May 10, 2020.