Get Out From Under Your Title Loan: 4 Ways You Can Become Debt-Free A Lot Sooner
So, you found yourself in a rut and you had to get a title loan. It wasn't the end of the world then and it still isn't. However, you don't want to keep that loan payment around forever, so you need to figure out a way to get that loan paid off sooner rather than later. In doing so, you will free up some of your budget so that you can focus on the future of your finances. But how do you get started? Here are four ways you can get started:
1. Round Your Payments Up.
You can do this several ways. You can start off small and work your way up, or you can start big and stay big. It all depends on what your current budget will allow you to do. For example, let's say your current title loan is $267.58 a month. You can round this up to $270, $275 or $300. After a year, you will have paid an extra $29.04, $89.04 or $389.04. Regardless of how much extra you can pay each month, you will be making slow and steady progress to becoming free from your title loan debt.
2. Become a Driver for a Ride-Sharing Service.
More and more people are using ride-sharing services, such as Lyft and Uber, so why not use your own car to offer people rides when you're not at your full-time job or at school? You can do this in the evening and on weekends. After paying for gas and setting aside money for car maintenance and auto insurance, any additional money that you bring in can be put straight to your title loan. According to Uber's website, you will be considered an independent contractor and not employed by Uber.
3. Consider Pet-Sitting.
If you aren't necessarily into babysitting other people's kids, you may want to consider pet-sitting. Animals are often easier to take care of than kids since you don't want to worry about them crying and drawing on the walls with crayons behind your back. Sure, you may have to talk a dog or two for a walk every now and then, but that's better than having to change a baby's diaper, isn't it?
4. Shop and Deliver Other People's Groceries.
If you enjoy helping other people, especially while making money doing it, you may want to thinking about signing up for a website called Instacart. You will work as an independent contractor and set your own hours. All you have to do is take someone's grocery list, pick up the items on it and deliver it to them. You will get paid on a weekly basis. If you don't want to shop, you can stick to deliveries only. If you don't have a car, they have cashier options.
For more help with loans, contact a company like Flexible Finance.