Method 14. You Can Earn Money Lending To People on Subreddit r/Borrow!
If you’re a Redditor like I am, you will know what a subreddit is. If not, then I highly suggest you check it out. With r/Borrow, there are people looking to borrow money every day ranging from $20 to even $1,000. These borrowers will usually pay you back with 20% more. It’s a great way to use your money that’s simply sitting in your bank doing nothing.
ADVERTISING While this is a great method, beware of scammers. There are ways to see if a borrower is trustworthy. You should:
- Check their account age.
- Look at their activity on the account.
- Check their borrow history.
What steps should I take before loaning money?
- You should always loan with PayPal because when you’re in a situation where you are scammed, you will have the option to chargeback.
- Ask the user to send a picture of their paystubs to ensure that you will get your money back.
- Ask the user to send a picture of your ID along with a confirmation note confirming that it’s them.
Most users that borrow around $20 to $100 eventually payback after a week or 2. You can easily earn $20~$50 a week for simply loaning money.
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