Having enough money set aside is paramount to fund unforeseen expenses. However, a large number of people face cash shortfalls during emergency as they are living from paycheque to paycheque.

Earning more pennies means running on empty and yet no reward of job security. While unemployment is down, reports have suggested a surge in part-time jobs to bolster your coffers. Such serious efforts assist you tide over when you run out of money due to having no full-time job. However, direct lenders have lending options available having an income source is mandatory to borrow money.

A lender will approve your loan application if you have income to repay your debt and hence you must have a side hustle. Here are some ways to start earning extra cash.

Dividend income

Handling a part-time job with full-time is quite complicated. Having spent all day in your job, you need some hours to unwind. Your productivity will be hampered if you continue to work as a freelancer after reaching home, and you will not be able to manage it simultaneously for a long time.

Therefore, it is better if you look for smart ways to have your pocket loaded with money. Buy stocks and earn dividends. As the value of stocks goes up, you can sell them out to increase profits. Dividend-paying stocks are the best way to earn passive income. You will get dividend each quarter. Before you invest money in dividends, make sure that you calculate the risk involved. The value of stocks is highly volatile and sometimes it may cause losses instead of gains.

Make YouTube videos

The trend of YouTube videos has come a long way. You can create videos in any area that you like music, opinions, comedy, tutorials, reviews etc and then upload them. In the beginning, you will have to promote it on other social media platforms, but as the number of views increase, your video will rank on top of the home page. You can also attach Google AdSense to the videos that will show up advertisements. However, it happens after certain number of views. You will earn money from those ads when click them.

The key to make passive income from such videos is to create enough of them and promote them on social media platforms. It ensures inflows from multiple videos. You will have to make efforts unless it attracts a large number of people and then automatically views will continue to rise. Afterwards, you will not have to make much effort in any video. Just identify your passion and dive into it.

Create your own personal blog

If you have flair of writing, you should use your skills to earn extra money. Create your own personal blog, choose a niche and start writing. Engaging writing and extensive research can help you attract a large number of people. Once your blog becomes popular, you may get it linked with Google Ads. If visitors click on them, you will make money. Before starting a blog, try to find out who your target audience is and what they like to read. Make sure that you provide an engaging and trendy thing. The more captivating information you provide, the higher the visitors will be, and the higher the visitors, the more revenues you will earn.

Sell your own products online

Another beat way to generate passive income is selling your own products online. Whatever it is, CDs, DVDs, instructional videos, sell them on the internet. You should set a dedicated website, and if you do not have it, try to sell it on affiliate basis. You will have to research to find out websites that sell products and services related to yours.

This is the quickest way to generate money. During unemployment, you rush into taking out payday loans for unemployed by direct lenders to fund unforeseen expenses. However, at the same time, you have to arrange enough cash so that you manage to pay back the whole amount on time. As you do not have a fixed source of income, you are likely to face difficulty paying off the debt. In this situation, you can arrange money by selling items online as quickly as possible.

Rent out a room in your house

If you have extra room that you do not use, renting it out will be a great way to earn passive income especially when you have no full-time job. Millions of people look for a space temporarily. Posting the ad can help you get an avalanche of applicants.

Having an additional income source can quickly build your emergency cushion and prevent you from falling into a debt spiral.