How are you protected when you use Loanables?
My husband DID NOT WANT TO RENT HIS TOOLS! But I pulled the “you have to support me” card; so of course he did. He had the same question we hear all of the time: What happens if my stuff is damaged or if someone hurts themselves while using them?This is one of the main reasons you should use Loanables (even if you just want to lend your stuff to a friend). Both parties are protected by a loan agreement. I’m not an attorney so I have to say this: ask your attorney for legal advice. Treat this blog just like you’d treat a friend giving you advice (take it or leave it at your own discretion).
How the agreement protects you:
- The person renting the item is responsible for any damage – they have to pay the rental fee plus have the item either repaired or pay replacement cost.
- The person renting the item agrees to follow the manufacturer’s guidelines and operating instructions.
- If the person renting the item is harmed in any way during use of the item, he/she holds both the owner of the item and Loanables harmless (Use at your own risk)
My Advice on the Security DepositThe security deposit could simply be the replacement cost of the item, or what the item is worth to you. Keep in mind, renters will consider this number as something they have to come up with at the start of the rental (even though it is refunded when the item is returned) so if the number is ridiculously high, people will be less likely to rent it. So, if it’s a family heirloom that is worth a MILLION dollars to you, let’s just not list that. Okay? Accordingly, if an item is nearing the end of its useable life or after several rentals when you feel you’ve earned enough to cover the money you invested in the item, consider reducing the security deposit so it is more enticing to renters. Personally, I don’t follow my own advice (do you?). I actually don’t ask for a security deposit at all because I typically only rent to people in my hyper-local market (people that live really close or are part of a community I belong to (school, church, etc). I figure if something goes wrong, we will both want to work it out amicably. If you want us to create a private group link that allows you to rent with a group you know, like and trust, email us at email@example.com. Let us know the name of the neighborhood or type of group and we will get you set up with a link to invite your tribe.
Most importantly…Our community is built on trust, and this trust is fostered by our rating system. We use the rating system to filter out bad users and continually improve service. After a transaction, both sides get the opportunity to rate each other. We are proud that the average user rating on Loanables is 4.8 out of 5 stars.