Fat Lama is a peer to peer rental service that lets you rent out your things with people living nearby. It makes it quick and easy for people to share their belongings with others who need it. It is a platform where any good can be borrowed within minutes. Through sharing, strong relationships are formed which lead to effective local societies. Moreover, renting things benefits the environment too as by choosing to borrow instead of buying leads to the reduction of unnecessary manufacturing. The best short-term rental goods you can borrow include DSLR, drones or DJ equipment. The items are priced per day with an option to offer discounts to borrowers who borrow for a longer period of time.
Getting set up on Fat Lama is very easy. You just simply create an account with your email address or social media profile. It helps you earn money by lending goods to others. Fat Lama saves time as all the everyday goods can be found under one roof. Don’t go and buy the point-and-shoot camera because through Fat Lama you can rent a professional DSLR to capture all the memories. It provides things of good quality. It makes renting convenient, flexible and much cheaper. It is a great platform for you to rent and try a product you want to buy before you go buy it. Fat Lama is working perfectly fine but they need more borrowers to expand their network.
Other than the rental fee, the borrower has to pay the merchant fee and 15% for Fat Lama service. There is no insurance policy for the borrower. If the borrower breaks or loses the borrowed product, he would be reliable to pay for full cost of the new same type of product. For the lenders, they have to pay the 15% Fat Lama fee, 3.5% PayPal fee and federal and state income tax. The items are fully insured for lenders. They only pay out claims if you use your own insurance. The rental procedure is straightforward but the challenge is to find a lender who lives nearby and owns the product you want.
Due to low financial barriers to rent, before you rent any product some vetting is required. For the rental procedure, you have to verify your identification by uploading a photo of yourself holding your ID upside down and deposit money for the rental in escrow on Fat Lama. It stands out because you can pay directly with your debit card and no cash deposit is required. Finally, arrange pickup place and time with the borrower. Fat Lama is beneficial to renters as the transaction amount on average is $80 which means that the lenders are making good enough money. 91% of the requests are answered within 15 minutes whereas half of the rentals are booked and collected on the same day. The money-making potential of renting products is very exhilarating.