Labelled as the sharing economy, this new concept of sharing your belongings has recently taken root. Inspired from the likes of Airbnb, Fat Lama is a peer-to-peer lending-borrowing platform. According to Fat Lama, users are earning up to $12m (£8.9m) per month in rental income. So why not start renting your stuff out?
How does it work?
In three simple steps:
How does it work?
In three simple steps:
1. List an item on Fat Lama
The most in-demand categories are Film & Photography and Audio Visual Equipment. Professional cameras, lenses and other recording equipment are the most successful, with some lenders recording a £4000 rental income.
2. Set a rental price, location and availability
Initially start with a low rental price which will attract a large amount of customers, considering the current competition. Build your brand and customer base, then slowly increase your prices to maximise profitability. Secondly you should arrange the handover at a busy location for safety reasons, such as a tube station, and preferably during the day.
2. Set a rental price, location and availability
Initially start with a low rental price which will attract a large amount of customers, considering the current competition. Build your brand and customer base, then slowly increase your prices to maximise profitability. Secondly you should arrange the handover at a busy location for safety reasons, such as a tube station, and preferably during the day.
3. Arrange a handover via the messaging service
Fat Lama has a peer-to-peer messaging service which can be conveniently used to arrange a handover and pickup for your rental items.
Most importantly... Insurance!
Fat Lama provides insurance on every item you lend, covering up to £25,000. If your item is stolen, lost or damaged, Fat Lama has a 24/7 customer support service which can provide instant advice in any eventualities. There a few requirements to satisfy to be eligible, which can be found here.
Reviews
Fat Lama has "Average" customer experience on Trust pilot. With 56% of reviews seeing the service as "Excellent". However a third of the reviews see Fat Lama as "Bad". There are definitely mixed feelings about Fat Lama which has recently featured in a BBC article. Overall, Fat Lama should be taken with a pinch of salt as it is definitely a formidable service with a great concept, but the customer experience can be very different.
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