The rising cost of living has made second income a necessity. Multiple sources of income can provide financial security and give you peace of mind. Fortunately, there are many ways to earn a side income. From tutoring to making videos on YouTube, you can supplement your income in many ways. Referral programs are, however, more convenient for earning a second income.
What are referral programs?
Referral programs offer an easy route to earning a second income. These apps are based on the concept of referrals, where individuals refer their contacts for a service or product. When the connections use the product or service, individuals earn a commission. More referrals lead to more sales, which in turn increases earnings.
Referral programs vs other sources of a second income
Referral programs are better than other sources of income for the following reasons:
Minimal effort
Genuine refer and earn apps require minimum effort. You can use them for an hour a day and earn passive income. The IDFC FIRST Bank My FIRST Partner app allows you to earn extra income by putting in a few hours of effort.
Fit for everyone
Referral programs do not demand minimum academic qualifications. From students to homemakers, anyone can use refer and earn programs to earn money. To efficiently make money through the My FIRST Partner app, you only need a smartphone, Internet connection, and contacts who need personal loans.
Convenience
Extra income jobs rarely offer convenience. If you are freelancing, you must work according to the demands of the projects and meet deadlines consistently. However, referral jobs are an exception. They allow you to choose your work timing. You can refer people to any product and service whenever you want.
Zero investment
You need professional equipment to shoot videos if you start a YouTube channel. The same goes for many other second income sources, including tutoring and freelancing. Referral programs are better than these passive income ideas, as they do not require any investment. You can get started by simply downloading the refer and earn apps.
Weekly payouts
Genuine refer and apps, such as the My FIRST Partner app, offer weekly payouts. If you’re using the My FIRST Partner app, you will receive weekly payout immediately after your contact gets the personal loan. The commission amount will be transferred directly to your bank account. There is no waiting time for payments with referral apps, which is a unique feature. Other sources of second income cannot offer the same benefit, as payments may be subject to approvals.
Refer and earn programs offer a unique proposition to individuals seeking a second income. The right referral programs can significantly aid your financial muscle, helping you earn over ₹50,000 per month. Identifying such apps is critical, though, as the Internet is flooded with hundreds of such apps. You can get started with the My FIRST Partner app, a product offered by IDFC FIRST Bank—one of India’s premier private banks.