In days gone by if you ever wanted to borrow a lawnmower or ladder off your neighbour they were more than happy to help you out. Nowadays people spend so much money on the items they use the thought of lending it out without getting something in return is out of the question!
Borrow-It is an amazing new smartphone app available for both iPhones and iPads that aims to give a cost effective way for people to get items they want for short term use and allows people to make money from items they own by renting them out to local people. Their slogan is Earning For Sharing which I think is a great one to have as I feel it rings true in the rapidly expanding money savvy sharing economy.
I can think of plenty of times in my adult life where I’ve just needed to borrow an item for a short amount of time. Maybe I just wanted a jetwasher to clean the patio or a hedge trimmer that I only need every few months. Jobs like this are ideal for apps like Borrow-It where you don’t want to fork out for an item but just need something to do the job you are wanting to do.
Once you have signed up to the app you will be able to see items that are available near you. You can see all the same sort of details you would expect from an eBay auction before you make a decision about if you want to contact the people offering the item.
If you are unable to find the item you need then you can use their ‘Request’ feature and actually put a shout out for your required item. This is useful because someone might have the item you are after getting in their home already but is not aware that there is actually a demand for it.
Once contact has been made with another user for either borrowing or lending you can use the ‘In App’ messaging system to hammer out the finer details of the agreement.
Once everyone is happy you move to the ‘Exchange Centre’ within the App where users details such as their home address are released and payment can also take place.
One thing that might worry people using this is what would happen in regards to if their item gets damaged while it is loaned out. To help with this Borrow-It offer routing the lender through a 3rd party insurance provider at only £1 a day to protect against accidental damage, theft and public liability.
Once agreed all payments are made via PayPal and is sent directly from lender and borrower. There is also a £1 commission fee regardless of the duration and value of the item being loaned out. If there is a dispute for any reason either party can use the PayPal resolution centre.
Make sure if you are planning to hire out items as a small business make sure you have public liability insurance.
I feel Borrow-It really creates a great alternative to just eBaying your item as it allows you to earn money from useful items you may have over and over again which is a great way of bringing in an income with very little effort needed from the lender.
So if you have any items hanging around that you think other people in your city could benefit from make sure you download Borrow-It and offer it out for lending. It really is a win-win situation for everyone involved.