Peer to peer lending is quite popular among online users. Here is a new site(Freegler) that aims to build their product on this concept.
What is Freegler:
Freegler would help you to rent things around your house or workplace to your neighbors, and make a bit of money at the same time.
Free To Use:
It’s free to list an item on Freegler.However,you will only pay an admin fee to Freegler when someone rents your item. Freegler charge a 5.5% admin fee + a $1 fee to cover the Paypal transaction fee. They deduct these from each transaction before remitting the remainder to the item owner.
How It Works:
As the owner, you get to set the daily rental price. When someone wants to rent your item, they reserve it by using their on-line booking system and pay the fee (including the security deposit) via PayPal.
As the item’s owner you will be contacted by email, inside this email is a link which you must click to approve the renter. Once this is done the reservation is completed, and the renter will be given your contact details to pick up the item
When someone successfully returns your item, you must rate the renter and provide a comment or two about them. Once you’ve provided feedback, the money(deposit) will be automatically transferred to your PayPal account (less 5.5% admin fee).
Best Part Is:
Once you’ve reserved an item and paid the fee + security deposit,you will be given the owner’s address .
Freegler allow each item’s owner to set a security deposit in the event the item is damaged. If the owner is unhappy with the condition of the item, one of site’s staff will look at the feedback from each party and make a decision as to whether to release the deposit or not.
Idea is good.Lets see how this site grow.