Can You Make Money From Completing Surveys?
You will sometimes see business opportunity ads. claiming that you can make an extra income from surveys. So what exactly do these schemes involve and can you make extra money from them?
Here’s why paid survey sites exist: Companies in general – from car manufacturers to cat food makers, soap powder brands to banks are very interested in knowing what we really think about their products and services. They use this information to improve their products and services and so (they hope) make more money from us.
Because it can be quite difficult to get enough people to undertake surveys for free a number of companies are willing to PAY you to undertake surveys and give your opinion on products and services.
Here’s how they usually work: You sign up with a paid survey site and give some information about yourself. From time to time they will select you to participate in a survey. This is usually done online. If you complete the survey satisfactorily they will pay you for your time.
The theory is that if you complete enough of these you can make a good part time income just from giving your opinions!
What’s the catch? There are a few catches to most of these schemes which you need to know about:
- Surveys often don’t pay very much money. In many cases it will be only 10p/20p/50p or so each.
- You won’t be able to join in an unlimited number of surveys. You might only get offered one or two a month.
- Most survey companies only pay out when your earnings reach a minimum amount of, say, £20 or £50. That could take ages to reach. Some companies only pay out in shopping vouchers – which isn’t really an income.
Our verdict: You CAN actually make money from paid survey schemes. However, bearing in mind that most surveys pay only pence – and yet can take some time to complete – it’s never going to be a really good return on your time. Look into it further and you’ll find even the busiest survey-takers make no more than a couple of hundred pounds a year for their efforts.
Scam watch: Be very wary of any paid survey services that charge you a sign up fee or subscription fee to get details of surveys you can get money for. Chances are it will take months or years to cover the fee. The scheme may even be an out and out scam where you get no surveys in return for your money.
Be cautious if a paid survey schemes makes an offer along the lines of ‘30p to £75 paid per survey’ or similar. Chances are the majority of surveys you’re offered will only pay at the lower end of the scale.