As I mentioned in a previous article, the stuff that you own continuously consumes money, space, and/or resources, whether you actually use it or not. It’s not always ideal to buy and own something (and this includes property). Often an item is bought to ensure access to it, but sufficient access can be achieved without all the downsides of ownership, such as the purchase cost, burden of full responsibility, and underutilisation, where the item sits around collecting dust. Collective consumption, where there are many users who share access, reduces the downsides of ownership and is also more eco-friendly. This is where the Lendor App comes in, as it connects suppliers of rental assets with consumers who wish to borrow those assets. Here’s why you should try them. 

What is Lendor? 

The Lendor App is a mobile library of things. Their user interface is very well-designed and user-friendly. It looks similar to Carousell, which most Singaporeans are quite familiar with. The Lendor App provides rental, order & communication management, making it more convenient for searches, inquiries, chat/messages and arranging for meetups. 

How to Use Lendor

The process can be summarised into 4 steps. Some of their notable features include geo-location, allowing you to rent based on proximity; a peer ratings & reviews feature; and a calendar feature to check or set availability of listed items. Transactions also include a legally-binding e-contract with timestamps on status updates. Other features, which are still pending as of this article, include insurance service to cover lost, stolen, or damaged items.

Why You Should Use Lendor

Of course, the #1 reason to use Lendor for people who own underutilised stuff is the potential for extra income. On the other side of the table, people who want to use stuff sparingly (think ski equipment, wedding decor, karaoke machines, and cosplay costumes) have access to these things without having to make a big purchase for an item that would sit idly by after just a few uses. So for them, it’s a cost savings. But here’s some additional reasons why you might want to try Lendor:

  • Some Items Are FOC to Rent – Lendor has an option for people to lend stuff out of goodwill (though you might still have to pay a refundable deposit). I’ve seen a few of these listings, and I myself had been doing some of this through Renttycoons.
  • Try Things Out Before You Buy – If you’re in the market for say an electric scooter, but you’re not sure which is best suited for your needs, why not rent to try them out?
  • Learn New Skills – Have you ever wanted to learn how to play the guitar or the drums? I recently sold a barely used guitar for someone whose child had a fleeting interest in playing. Does this sound familiar?
  • Freelance – For some, the barrier to freelancing certain gigs was the upfront capital required. For example, if you ever wondered whether you had what it takes to be a paid photographer but didn’t want to spend $1500 on photography equipment as this would negate your earnings for months, why not rent the equipment and use it only when you book gigs.
  • Look Posh – Impress your relatives or business associates by renting luxury items. Lendor has an assortment of gowns, handbags, and other accessories.
  • Host Unique Parties/Meetups – It’s a bit disconcerting that nearly all meetups involve just sitting around and eating. Why not throw a board gaming/casino party, a kid’s bouncy castle party, or football meetup. Yes, board games, gaming consoles, bouncy castles, and football goals are among Lendor’s rental listings.
  • Lastly, because Lendor just launched, they are giving users the ability to use their platform for FREE for the next 6-12 months. After that, they will take a small percentage of transactions that have been performed through their platform. However, as a user, you are able to circumvent this fee if you arrange to transact outside of the app, but you assume risk by doing so.

As the saying goes, “I don’t need a drill, I need a hole in the wall.” Likewise, we need to seriously ask ourselves if it’s ownership or access that we really need. Access can be the new ownership. And in reality, essentially everything in life is “rented”.

To get $10 off your first rental, all new Lendor users can use the COUPON CODE “RENT10” when checking out. 

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