What: Rent out your household goods
Commissions & Fees: 15% (paid by both borrower and lender)
Husl$core: $$$$
Expected pay: NA
Where: Mainly London and New York
Requirements: You must be age 16 or over and have the right to rent out the items you list; you must be truthful in all your Fat Lama postings or be subject to a $100 fine
Review: Fat Lama is a rental platform that launched in London and has at least limited usage in the greater New York City region. The site has a good set-up for renters, charging nothing to list and a reasonable 15% commission on the rental fees you (the lender) earn on the platform. (The renter will also pay a 15% fee). That fee pays for commercial liability coverage for your rented items to $30,000 in value. If you have a commercial policy, your policy pays first. Fat Lama’s policy kicks in if you don’t have coverage or if your damages exceed your policy limits. This resolves the biggest risk that individuals face when renting out their personal items — losing the valuable item that you rented out. You don’t have to take a security deposit from the borrower, or wonder whether your camera or carpet cleaner will be returned. It’s covered by Fat Lama’s insurance. There is no deductible.
If you rent out an item, you can expect to be paid through Stripe within 24 hours of the rental completion in an amount equal to your rental fee minus the 15% commission. You can’t rent guns, pornography, drug paraphernalia or anything that would be illegal where you live. And you agree not to defame anyone. If you agree to a rental and cancel at the last minute, you could be on the hook for 30% of the prospective rental amount, which is the cumulative cost of Fat Lama’s fees paid by both renters and lenders. And if you try to subvert the site’s commission by making outside deals with the borrowers, you could be subject to a $200 Fat Lama fine.
Since borrowers may be relying on your camper or camera, we don’t object to subjecting lenders to fines if they back out within 48 hours of the rental, nor do we particularly object to the site attempting to penalize people who try to cheat the service out of its rental fee. The main reason this isn’t a top-rated opportunity is because Fat Lama currently has a very limited geographic reach. It isn’t available in most U.S. cities yet, and even in New York where it is available, it’s new and relatively small. However, the set-up is excellent and the site is growing. For now, if you happen to live in a community where it’s available and have something to rent, we consider this an excellent opportunity. Other sites that allow you to rent out your personal items include Zilok, Loanables and RentnotBuy.
What their users say: (from Trust Pilot)
Not able to tell you how happy I am with Fat Lama. I STRONGLY recommend Fat Lama to EVERYONE interested in running a successful online business! My projector and av gear rentals are through the roof!
