BeastMoney
BANNED
- Jul 13, 2015
- 424
- 459
The Executioner's
(MEDIUM TO HIGH RISK)
Hi guys,
I thought I'll share a simple method I have been using the last couple of months to generate $400 per month on Reddit.
I don't spend much time on it. In fact it only takes about 3 hours a month once properly organised into a system.
What you need:
- A Reddit account with decent amount of karma
- Microsoft excel
- $100 start up money
METHOD
The method is pretty simple. You simply loan out money to other redditors. There's a VERY PROFITABLE subreddit where people are willing to give you money.
People may be struggling to pay the bills and payday is 2 weeks away. They are desperate to pay the bills and need the money. What are they meant to do?
They simply borrow money.
You may be thinking it's a big scam since they can easily just go to the bank and get an overdraft but that's not always the best solution. Banks charge exorbitant fees on their overdraft especially if it is unplanned.
A better way is to simply borrow money from another peer and pay back within a couple of days at a lower fee. It's a win win for both parties.
How to set it up:
Before you begin, create an excel file and add 5 columns titled: Name, money borrowed, money being given back, profit, and paid.
Once you have all these done, you should be able to start.
Simply head over to /r/borrow on Reddit.
Once there, you will see threads from people asking for money. Some of these have already been taken so you need to head over the "new" threads. You'll be able to see people asking for money on a regular basis.
In fact, it is such a busy platform that there's new requests for borrows every 10 minutes or so. There's a lot of money to be made here.
Check out the threads and see how much money is requested. For me personally, I go for the ones asking for $50 because the average amount I get is 20% interest so I make $10 profit per borrow.
Once you choose someone, and lend them money, just dot it down in your excel file and keep track of when payment is due. Once payment is sent to you, just create a thread on the subreddit saying that they have paid you back in order to close the deal.
TOP TIPS
- DO NOT send money to new Reddit accounts
- DO NOT send money to ones asking for $500+ unless you know their borrowing history.
- DO check their personal Reddit page for karma, past comments and borrow history.
That's all there is to it. It's just a case of borrowing money to people and getting your money back + interest.
I cannot be responsible for any money lost. You need to do due diligence to make sure that the person you are lending money to can pay it back .
I see some obvious risks here but will dig into this, still the risk vs reward doesn't look so good.
