Let’s face it. We all have family/friends/neighbors who always ask to borrow our things. The problem is they often “forget” about returning them or when they do return it, it’s often damaged. Some of you, for some crazy reason, it is hard to ask for your things back and even harder to ask them to pay for a replacement when it comes back damaged. Worry no more, BOLELO is here for you :)
It doesn’t cost anything to create an account on BOLELO. Our membership is FREE. You don’t even need an account to browse our site so feel free to look around. Are you ready to make money by lending an item you own? You can post an unlimited amount of items, for free. Lenders pay a 15% user fee ONLY when a paid booking occurs. So if you are not making money then you don’t pay.
We can think of so many things you may own that others may need on a short-term basis. Following are a few examples: Drill, canoe, ladder, concrete mixer, trailer, paint sprayer, pressure washer, bike, tent, camping gear, canoe/kayak, surf & paddleboard, skis, tables, chairs, projector, projector screen, PA system, speakers, party lights, drone, DJ equipment, scooters, musical instrument, camera, chop saw, router, baby stroller, generator…the list goes on. Look around your house, office, attic, garage, storage shed. Even better if you have specialty items that are not available at other rental centers. Be creative! Here’s a list of items that are prohibited from our site: Firearms, fireworks or weapons of any kind, people or animals, medical devices, alcohol, tobacco, drugs, and drug paraphernalia, items promoting illegal activity and highly regulated items, pornography and mature content, items that violate the third party intellectual property rights, food or other perishables, items stolen, condemned or subject to a legal investigation, specialized one of a kind assets.
The lender will be charged a 15% fee by BOLELO. This fee covers the cost of this sharing platform, payment processing fee from our partner Stripe, etc. This fee will be deducted from the lender’s earnings before distribution. The Lender will only pay this fee when a paid booking is created. So if you don’t make money you don’t have to pay anything. Posting is free for unlimited amounts.
All products are different, not only in quality, functionality, brand name, and reliability but also in appearance. We recommend 10-20% of what it would cost you to purchase a similar one on the market. Also while not everything is available in the commercial rental market, if your item fits the bill then you should call the specific rental store in your area and see what they charge for a daily rental. We think you should list it at a lower price than what commercial entities are charging, but ultimately what you charge is up to you.
We understand you may be nervous about letting a stranger borrow things you bought with your hard-earned money. First, we ask Lenders to understand that a certain amount of wear and tear from normal use will occur when lending your items. Lenders should never list items that are fragile or irreplaceable. The borrower should always note, discuss and agree with the Lender the condition of the item before taking possession of it. If damaged while in their care the borrower should assume the responsibility of repair or replacement. The Lender has 24 hours to report any issues with the item to the borrower.
The lender should always agree on the condition of their item before transferring temporary possession to the borrower. The lender should also ask for and take a photo of the borrower's photo ID and/or license plate of the borrower's vehicle at the meet. If the borrower fails to return within 24 hours of the agreed time and not responding to any communication then the lender should file a police report immediately.
Stripe, one of the world leaders in payment processing is our chosen vendor for your payment transactions. Per Stripe policy, you will receive your first payout 7–10 days after your first successful payment is received. The first payout usually takes a little longer because you are establishing a new Stripe account. Subsequent payouts will normally be received within 3 to 5 business days after the completion of a transaction. The exact number of days may vary depending on your financial institution. The Lender will receive a net transaction fee which is Daily Rate x # of Rental Days, minus the 15% BOLELO fee.
It doesn’t cost anything to create an account and browse the site. BOLELO asks the Lenders to share a small portion of their earnings at the time of paid booking but $0 to the borrowers. Borrowers will only pay a fee to the lenders to rent an item they need.
Yes, you can and should do so. The safety of our members and their property is very important to us. We encourage safe practices for all transactions. Everyone will be asked to show a photo ID. If you are the Borrower, please be prepared to show your photo identification to the Lender. The Lender will also want to take a picture of the Borrower’s photo ID to hold while the Borrower has temporary possession of the Lender’s item. The lender should also take a photo of the borrower's license plate on their vehicle for security reasons. You must be at least 18 years old to participate in a BOLELO transaction. The lender verification is done by our payment processing partner Stripe. Each lender must provide their bank account information to receive the rental funds from the transaction. For our user safety and to prevent fraud Stripe verifies the identity of the lender.
You must send a cancellation request by 6 pm on the eve of the scheduled booking start date to receive your full refund. To protect the Lender of potential missed opportunities, if you miss this deadline you will forfeit 100% of fees paid.
1) You should contact the Borrower immediately so that they can make a different arrangement. 2) You must immediately issue a full refund to the Borrower. *Please note the BOLELO transaction fee is non-refundable for Lender canceled transactions.
First, you should contact the LENDER to make sure it's available. If available, please log on to your account and create a new BOLELO transaction for the additional time you need.
If a dispute occurs after the transaction due to damaged/stolen items or for any other matter you must do the following. Contact the Borrower immediately (within 24 hours) and find an amicable resolution that works for both parties. This may mean one party will have to agree to pay for the repair or replace the item. This is the fastest way to resolve the dispute. In the event of theft, while the item is in the Borrower’s custody, the Borrower must file a police report. BOLELO coordinates the transaction of linking Borrower with Lenders only. BOLELO does not guarantee, express, or implied on either party or item and also does not mediate or arbitrate disputes that may arise. Lender/Borrower assumes and accepts a certain risk that is inherent to lending/borrowing items.
The safety of the BOLELO community user is very important to us. If you are a Lender and list an item on our site, only the zip code of your location will be visible to the public. You should only use our built-in message board to communicate with the potential Lender/Borrower about the item, booking, etc. For safety reasons, we do not recommend our members sharing their exact location, address, and contact information until the transaction becomes final with the payment. We recommend that our members conduct the in-person parts of their transactions at a well-lit, public location.
We understand entering your bank detail is an extremely sensitive issue especially to a brand new website. Bank details are required so the earned money from the rental transaction can be deposited into your account. The marketplace laws are complex and for the safety of all users as well as to prevent money laundering activities each lender is verified using their bank account information. BOLELO does not keep any user’s financial data. All verification, payment, and financial transactions are managed and kept secured by our partner Stripe, a $90 billion leader in the industry.
We understand this is the biggest hurdle that we have to overcome. While we cannot make a guarantee on behalf of the other user, we have put the following in place. 1) To make sure each user's financial data is secure we’ve partnered with “Stripe” a multi-billion dollar industry leader to manage each transaction. 2) Our payment processor Stripe will cross-reference the borrower’s identity by cross-referencing it with their credit card information 3) Every lender must put their banking information to receive payment from the rental. Each lender's identification is also cross-referenced with their banking information. Without this verification, the item is not visible to our users 4) The exact item location is not visible on the site, only the general vicinity until booking confirmation. 5) For personal safety at the time of the meet, each user must also present their photo ID. We also encourage each other to take a photo of it for the record until the item is returned safely. 6) Users can rate the item, their experience, and each other to ensure accountability
When Listing an item to rent you will be asked to create/connect your account with our payment processor partner Stripe. Stripe, using its sophisticated algorithm will verify everyone’s identity for the safety of our users and their valuables listed on our platform. We understand you may be nervous about putting your banking details on a site so new as BOLELO.org Note: BOLELO.org does not manage our user’s financial data. The information is necessary for depositing the earned rental income as well as required by the authorities to deter fraud, money laundering activities. Your information is safe and secured through Stripe. A few tips on answering Stripe onboarding questions: Tell us about your business – Since you are generating revenue from the listing the term “business” is used. You however do not need any business credentials. Business Details – Here type “property rental” Business website – put “Bolelo.org” Production description – “peer to peer rental” Payout – is your banking details where you want your earned rental income deposited Statement descriptor – “Bolelo.org rental”…this info will show on the borrower’s credit card statement Shortened descriptor – “Your Name”… this info will show on the borrower’s credit card statement Contact Info – this should auto-populate if not fill out Then Submit for Identity Verification