What is Loanables?

The Loanables community brings together people who have worthwhile items to loan out and people who want to borrow them.  It's a way for you to make back a little on things you've spent a lot on, or to save money if you are considering a new tool or toy.  It's a way to help our planet by encouraging reuse.  To learn more about the service, keep reading.  To learn more about the company, check out our blog.

Sounds neat. How does it work?

It's pretty simple, really.  Let's look at an example. Todd has stuff that he hardly ever uses (sound familiar?)  Like that pressure washer that he uses once a year, or that camping gear that he hasn't used since 1980.  Most of the time, this stuff just sits in his garage or a closet, gathering dust.

On the flip side, there is Jen, who really needs a pressure washer, but doesn't want the expense and hassle of owning one herself.  She also realizes that Mother Earth would really like us to consume less stuff.

That's where we come in, and it works like this:

• Todd creates an account on loanables.com and posts his items to be borrowed. He gets to decide things like how much to charge and whether or not he requires a security deposit.

• Jen searches on loanables.com for a pressure washer and sees that Todd is willing to loan his out, for a small fee.  It is cheaper than the big home improvement store down the road is charging, and she can keep it for the whole weekend, not just 4 hours.

• Jen chooses her desired pickup & return times and requests to borrow the item online.

• Todd receives the Borrow Request by email, and accepts it by clicking a link in the email.  Jen and Todd both agree to a standard loan agreement provided by Loanables.

• Jen picks up the pressure washer from Todd at the scheduled time. They discover that they actually live in the same part of town, and chat about the neighborhood.  Jen pays Todd directly (by cash, check, or PayPal) when she picks up the washer.

• When Jen is done using the pressure washer, she returns it to Todd, ready for its next adventure.

• Todd puts his cash into his piggy bank, excited about his new source of income.

What happens if a Borrower damages or loses an item?

When you post your item on Loanables, you can choose to require a security deposit in case something happens to your item.  The Loaner gets to decide how much to hold as the deposit (or can choose not to require one at all).

Of course, we encourage Loaners and Borrowers to discuss any potential damage themselves before resorting to the security deposit.  Often they can work out an arrangement that is fair to both parties.  After all, we're all neighbors!

Is the process secure?

Yes!  We never ask for your credit card number or any other financial information.   We'll even reimburse you if you aren't happy with a Borrowing transaction.  Click here to read our guarantees.

Will it be a hassle to meet Borrowers to give them my items?

We think that's the best part!  Neighbors today are much less connected than we used to be.  Loaning stuff out to your neighbors gives you an opportunity to actually meet the people living in your community (and make a little cash at the same time).

How much should I charge for people to borrow my item?

We leave that completely up to you, but here is a pricing comparison list showing how much the rental stores usually charge for many items. We suggest charging much less than this, especially if it's an item that you weren't using anyway!  That way the whole community benefits from a lower-cost option to buying or renting.

Ok, how much does it cost?

It's free!  Loanables no longer charges any transaction fees. To show your support for our cause, we ask that you please register your neighborhood in our Green Neighborhoods program.

In some areas, Loanables is working to partner with local delivery services. The borrower will be able to pay a small extra fee to get the item delivered to her door and picked up when she's done with it. This is great for people who don't own a large enough vehicle to pick up the item.

Why should I use Loanables instead of some other message board, like Craig's List?

When you Loan or Borrow through Loanables, you benefit from our comprehensive and legally-binding loan agreement that protects both parties by laying out the rental terms and covering cases of loss, damage, or injury that might result from loaning something out.  Soon we will also add ratings & reviews of people and Loanables, so that you can borrow and loan with greater confidence.

Wow, that is easy!  How do I get started?

If you have stuff that you want to loan out, just click on the "Loan Stuff" link at the top of your page.

If you are looking for stuff to borrow, just click on the "Borrow Stuff" link.