- Apr 16, 2018
Lending your things can now become a money-making opportunity. There are websites which facilitate the rental of properties for cash which is beneficial for both the person lending out the thing and the one borrowing it.
Being a lender, you can make some extra cash from things that you keep in the attic and the furniture you don’t even use anymore. You can lend out your old equipment, some vintage chairs and tables, and whatever else you have that others find useful. The borrower will save money by renting your stuff because it’s cheaper compared to buying a new one.
If you’re interested, then, one of the most popular websites that organizes this type of money-making opportunity is called Loanables.
How The “Business” Works
The whole process is pretty simple. One of the lenders in Loanables gave his testimony which proves how easy it was for him to earn money through the site. Let’s call him “Joe.”
Joe had a power washer which he used once every two months. The power washer was left idle in between use and the idea of renting it out sprouted after Joe stumbled upon Loanables. He browsed the site and tried the opportunity to make money. Joe put up the power washer for rent, and it went very well for him.
He earned $10 daily for renting out the power washer. For his first client, Joe received $20, and the equipment was used in utmost care. The power washer was returned in tiptop shape, and Joe provided positive feedback on the borrower. His customer also did the same thing and gave positive feedback for Joe. Loanables works like eBay with the feedback system.
What If My Stuff Gets Damaged?
Renting out your things will involve one risk, and that is if the borrower will intentionally or accidentally damage or spoil your property. With this, what’s the best option? Some lenders ask for a security deposit whenever they lend out a thing. This is to make sure that in the event something happens to the property, there will be some sort of compensation.
How much will you charge for a security deposit? It is only fair to assign a security deposit equal to the replacement amount of the property. If disagreement on the contract arises, then, Loanables will mediate and provide a way to resolve the issue.
If possible, the lender and the borrower must amicably settle their disagreement without bringing in the website. But if the issue can’t be resolved between the two, then as a last resort, Loanables will act as an arbitrator. The agreement between the lender and the borrower includes this stipulation upon signing up of the lending contract.
Loanables also has a word of caution to lenders and borrowers:
“At times you may come across dishonest people. Such people should be brought to our notice by way of negative feedback that forewarns other users of not doing any business with such unprincipled people.”
Loanables will never reveal your contact information and address to the other party until an agreement to rent is completed by payment of the rental fee. Only your local area will be provided, but the specifics are not shown.
How Much Is The Rental Fee?
You can charge whatever amount you want for your properties, but if you don’t have an idea on how much to put as a rental fee, Loanables has a standard list. It will be better if you charge lower than the standard for borrowers like to go for competitive rates.
Why Trust Loanables Over Craigslist?
If you decide to offer your property through Loanables, then, there is a rental agreement. The contract is legally binding, and this will protect both the lender and borrower in case something happens. This contract will include insurance coverage in case of damages or loss of the loaned property, the terms of the agreement, the involvement of Loanables, and more. Craigslist doesn’t offer this kind of security.
Additionally, both lenders and borrowers can provide feedback on the whole rental experience. This is a basis for other users who want to coordinate with the parties involved in future rental contracts.
Does Loanables Charge A Fee?
Lenders have to provide a 10% fee to Loanables if the agreement between the two parties was successful. The minimum fee though is one dollar, and borrowers are free from any type of fee payment to Loanables.
OUR VERDICT: Scam or Legit?
Loanables is 100% LEGIT, and if you are looking for a money-making opportunity, this may work for you. You can now rent out things that you barely use. Instead of letting it rot in your basement or your garden shed, you can earn from the rental of your property. The borrower is also looking forward to renting a thing he needs for a cheaper rate. For the lender and borrower, this is equally beneficial.
The company also offers a valid contract which makes the whole deal secured. So, don’t worry if you want to become a lender through Loanables. Your stuff is protected while you earn from its rental.
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Have you tried using Loanables? Are you a lender or a borrower? How was the whole experience for you? Do you have tips, suggestions and feedback? Please let us know! We’d love to hear from you.