Is your mounting debt stressing you out? Each month it seems impossible to catch up when you’re always strapped for cash. Maybe you don’t make enough money at your job or you’ve recently needed to borrow money due to unforeseen circumstances.
You aren’t out of luck and with a little outside of the box thinking you can squash that revolving debt in no time. Read on to find out how you can make quick cash, pay off looming debts, and get your finances in order.
10 Ways To Make Fast Cash To Pay Off Debt
One of the most important elements to paying back debt is having an honest conversation with yourself about your budget. Put a financial plan in place to pay back debt, improve your credit, save, and plan for the future. Try out our 10 tips to increase your income and hammer down on paying back your debt.
1.Delivery service
Signing up for grocery delivery or food delivery is fairly simple and easy. You can do this side hustle in your spare time and create your hours. For most delivery services you need the following qualifications:
18 years old
Have a reliable car, scooter, or bicycle
Provide drivers license number and social security number
Consent to a background check
2. Consolidate my debt
Unless you have decent credit to qualify for a new loan or credit card to consolidate your debt, you might end up paying more in the long run from high-interest rates. Don’t run the risk of missing a payment due to your payments being too high. Our Credit Builder Loans offer affordable competitive rate loans up to $1000 without a hard credit pull.
If you’re approved, you’ll get some funds the same-day and the rest is held in an interest-earning credit reserve account. After you’ve paid back the loan in full, your reserved funds are released to you with interest. Loans are paid back over 12 months and all payments are reported to the 3 major credit bureaus. More than half of our members raised their credit score by up to 27 points within 60 days!
3. Virtual assistant
Look on websites like Fiverr, Upwork, or Indeed.com to find virtual assistant jobs. These jobs usually entail basic bookkeeping, administrative, or random tasks. Some of these projects can be one-off jobs, but you never know what could come of it if you do a great job!
4. New job with perks
If you pay for your benefits like health insurance, consider applying for a higher paying job that also offers these benefits. Once you find an employer who covers these costs, you can reallocate that money to paying down debts.
5. Lower your overhead
Having a budget and financial plan in place should give you an idea of where you can cut back costs. Maybe you need to cut back on dining out, get rid of your gym membership, or shop around for better insurance quotes. Wherever you see potential savings, consider cutting it out and using those funds to pay back your debt. Once you’ve paid your debts and saved up your emergency funds, reward yourself by bringing back one luxury at a time.
7. Find temporary second job
Seasonal or temporary jobs are popping up everywhere, especially during the holiday season. Look into places like local grocery stores, retail stores, or driver services like Uber and Lyft.
8. Reach out to debtors
Medical bills past due? Call up your debtors and ask if they’ll settle for a lower amount. You can write letters to hospitals, clinics, or doctors explaining your hardship situation and they might waive a portion, or all, of your debt. If you offer to pay a lower amount immediately, your chances of them cutting you a deal is higher.
9. Earn cashback
Why not earn a kickback for everyday purchases you need anyway? Download the MoneyLion mobile app, purchase through the rewards tab, and earn rewards all year around.
Cashback rewards are deposited into an active MoneyLion investment account with the potential to earn passive income without needing another job. Add funds or withdraw from your investment account at any time without minimums.
Pay Off Debt With Help From MoneyLion
Now that you know how to pay off debt fast with low income, you could be out of debt in no time! We can help you keep tabs on your saving and spending habits in the MoneyLion app by using the Financial Heartbeat tool. This feature uses a 10 point system to encourage financial discipline along the way. Download the app today to get started!
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Disclosures
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Credit score improvement is not guaranteed. A soft credit pull will be conducted that has no impact to your credit score. Credit scores are independently determined by credit bureaus. Data was sourced from credit score data from over 147,500 Credit Builder Plus members with an active loan between January 1, 2020, and March 15, 2023. Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus. MoneyLion is not a Credit Services Organization. Credit Builder Plus is an optional service offered by MoneyLion.
Credit score improvement is not guaranteed. A soft credit pull will be conducted which has no impact to your credit score. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
Rewards are subject to terms and conditions, see here.
Rewards are an optional service offered by MoneyLion