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4 Ways to Pay Off a Signature Loan

May 11, 2018 | By Daniel Dewitt

For many people, once they’ve taken out an installment loan and received the cash they need, their next thought is pretty simple: how am I going to pay this loan off? And while it’s a valid question, it’s also one you really don’t need to worry about too much. There are a multitude of ways to either make or save a little extra money each month to pay it off in a timely manner. Here are 4 of our favorites.

Become an Uber Driver

Becoming an Uber driver or a Lyft driver is one of the simplest and fastest ways to start bringing in extra income to pay back your signature loan. Becoming a driver is ideal if you already have a full schedule because these gig jobs allow you to decide when you want to work.

On average, an Uber driver makes around $15 an hour, a wage that’s significantly above minimum wage in most states, though that number will vary depending on the demand for drivers at any given moment.

Freelance

Uber driving isn’t the only side gig that offers money and flexible. In the internet age, freelancing has never been easier and sites like Fiverr and Upwork mean you can quickly and easily connect with clients looking for your skills. That’s great, but what if you don’t have any freelancing skills that are in demand?

Well, the answer is the almost anything can be a freelancing skill. Throughout our careers we pick up expertise and experience that may not immediately come to mind as a marketable skillset. For example, you may have picked up the ability to write copy at some point. That’s a skill that someone on the other end of the internet doesn’t have, and is willing to pay for.

Throw a Yard Sale

Yard sales are a good for two things: making a little extra cash, and getting rid of clutter. Today we’re mostly focused on the money part, so while doing an inventory of your unwanted or unused possessions, try and focus on those items that will fetch the best price: furniture and clothes are often the two most lucrative items you can sell at a yard sale.

Other tips to maximize your profits include making sure you have clear and visible signage so people cruising for yard or garage sales can find you easily. Another good tip is to pre-price everything before anyone arrives: people are much more likely to buy things they know the price of upfront.

House Sit

The easiest side gig on this list, house sitting is perfect if you have the ability to leave your home and live in someone else's for a few days. It’s an easy job, and if you feel like taking on a little more responsibility, it can be easily expanded to include pet sitting. The challenge is finding clients who are comfortable with you being alone in their home, but by starting with friends and family and working your way up from there, you should be able to start booking a steady calendar of clients in short order.