/ Lifestyle

10 ways to earn extra income and pay off your loan faster

Ask any of our Lending Specialists and they’ll tell you one of the best ways to pay off your loan faster is to make extra payments. That being said, we understand making extra payments may not always be in the budget. Instead of reducing your expenses, consider finding ways to increase your income.

Wondering how you can earn more income? Here are 10 ways to earn money on the side, so you can pay off your debt faster.

1. Get paid to shop online

Ebates.ca pays up to 30% cashback when you shop popular brands through their website. There are hundreds of stores to choose from. Plus, you can earn even more money just by referring friends to download the app – Ebates.ca will pay you $5 for every referral.

Ready to redeem your rewards? Simply select your preferred payment method (cheque or Paypal payment), and get access to your money.

2. Teach a class at your local college

Put your job experience to work. A lot of colleges seek part-time instructors to teach their classes. If you work during the day, see if any night classes or online courses need an instructor. Struggling to find class to teach? Consider becoming a high school or college tutor instead.

3. Sell your clothes online

Raid your closet for clothes you no longer wear. If they’re high quality and still in good condition, you can easily make some extra money by selling them online. There are several websites and apps that allow you to sell clothes online. We recommend checking out this website called Letgo. You can even look into social media platforms – Facebook allows users to sell clothing and other items on their marketplace.

Not interested in selling online? Sell clothes to your local consignment store instead.

4. Become a dog walker  

If you’re a dog person, why not earn some money by becoming a dog walker? Start by asking friends and family if they or someone they know is looking for a dog walker. Print out flyers and display them in your neighbourhood, and post ads online. Or you can use a mobile app like GoFetch, which connects owners with local dog walkers in their community.

5. Start a freelance business

Freelancing is a popular way people are earning extra money these days. In fact, 1 in 4 millennials work a ‘side hustle’. Whether you’re a writer, accountant, painter, or photographer, there are so many opportunities out there to earn some extra money. If you can work remotely, take advantage of websites that help connect freelancers with clients. The best part about using these websites? You’re connected to clients worldwide so there’s always someone in need of your services.

Check out these popular freelance websites to help get you started.

6. Ask your manager if you can work overtime 

The easiest way to pocket some more money is to see what opportunities are available at your day job. Ask your manager if they allow employees to work overtime, then work extra hours when you’re available.

7. Look for a part-time job

If you have time to spare, consider finding a part-time job. A lot of companies need to fill evening or weekend shifts which can easily fit in your schedule if you work during the day Monday-Friday.

8. Rent your parking space

If you don’t use your parking space, consider renting it out. People may be willing to pay a lot of money depending on the location’s proximity to workplaces, offices or schools.

9. Get a roommate

Rent out any extra rooms in your house to earn extra cash. If you don’t know anyone looking for a place, you can use rent out rooms or your entire apartment through sites like Airbnb or FlipKey. Take advantage of special events like concerts or festivals – you’ll likely be able to charge more money!

10. Take advantage of referral programs 

A lot of companies will pay you, or give you a credit to use toward their services just by referring friends and family. Are you a Fairstone customer? You can earn $100* when you refer someone to take out an unsecured personal loan. Customers are eligible for up to 5 referrals a year – that’s an extra $500 you can put towards your loan!

No matter your schedule or lifestyle, there are always opportunities to make extra money. Some take little effort while others are a bit more time consuming. Whatever you’re doing to earn some extra income, remember to put some money towards your loan – you’ll be debt-free before you know it.

*Terms & Conditions: Not available to residents of Quebec. You may qualify to earn a referral reward (“Reward”) if the person you refer (“Referee”) obtains an unsecured personal loan from Fairstone. Referee must provide the referral number to Fairstone prior to loan closing. To be eligible, Referee cannot have an existing loan at the time the Referee closes their loan. Reward is a cheque that will be mailed 6-8 weeks after Referee’s loan closing. Reward will not be paid for loans that are paid in full within 30 days of origination, cancelled, or in which you are the primary borrower. Limit five Rewards per customer per calendar year. In order to protect customer privacy, Fairstone cannot provide any information about the status of Referee’s loan application. Fairstone reserves the right to discontinue the program at any time for any reason. You are responsible for payment of any income or other taxes due as a result of the Reward having been paid to you.

Links to Third Party Websites

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