FAQ

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 :)

Frequently asked questions

Fees

What does it cost to have an account on BOLELO?


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. Are you ready to borrow and save money?
Borrowers will pay Taxes & Fees of 10%. We are required by your state revenue department to collect and file “sales and use tax” for each marketplace transaction. Tax Rates in each county vary and change frequently. 10% fee will go directly to pay tax and all the fees associated with filing and complying with the regulations. BOLELO doesn’t make money from the borrowers but we do ask our lenders to share their profit. We are serious about the sustainability movement. We hope you will join our efforts in creating a better environment. For more details, see our instruction videos.





Lenders

What items can I post?


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. 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.




What are the fees associated with the Lender’s transaction?


The lender will be charged a 15% fee by BOLELO. This fee covers the cost of this sharing platform, payment processing fee, 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.




I want to list a few of my things but I don’t know how to price my item?


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. You should always bear in mind that the cost of the DPDLW and a 10% Usage Fee (to cover the sales and use tax at the rate currently applicable in the borrower’s county of residence, plus compliance costs) will be added to the total, which will increase the final cost to the Borrower.




I am interested in lending a few items. I am afraid my items may get damaged.


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. BOLELO is proud to be able to offer our “Direct Physical Damage Loss Waiver” (DPDLW), so you always have peace of mind when listing your valuables on our sharing platform.




What is DPDLW? Is it insurance?


BOLELO does have its own insurance to protect its ability to administer the DPDLW program, but BOLELO is not an insurance company and our DPDLW program is not an insurance product. We created a sharing platform to promote sustainability and to help you save and make money. Because we are not an actual insurance company our legal counsel advises us to refrain from using the term insurance. So we call our damage/theft protection plan, “Direct Physical Damage Loss Waiver” an insurance-like product for your peace of mind. Your items on BOLELO.org is protected (up to $5000 in value) from damage and theft by an actual insurance company, part of “The Hartford” a fortune 500 company founded in 1810, located in Connecticut.




So I am protected if my item is returned damaged, but does the DPDLW also apply if the Borrower fails to return the item?


Yes. While some may think we are naïve, we believe that people are good. If the item was not returned, we hope the Borrower was delayed due to circumstances beyond their control and would be returning the item right away. If the Borrower does not return the item or make other arrangements with the Lender within 24 hours of the designated time for return, we consider this item stolen and ask the Lender to file a police report immediately. You will need to present a copy of the police report with your DPDLW claim.

If the return of the item is delayed, regardless of the circumstance, the Borrower is responsible for additional time and the Lender, at their discretion, should charge for the extended rental time.




How long does it take to receive my money from Lending?


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.





Borrowers

What are the fees associated with the Borrower’s transaction?


1) There is the actual cost of borrowing an item from the Lender. Each lender will set their fee. 2) The borrower will pay for the “Direct Physical Damage Loss Waiver”, our insurance like protection plan, a small fee that is usually only a couple of dollars per item/per day depending on the item’s value. This cost is calculated at the checkout. 3) BOLELO will also collect from the borrower an additional 10% Taxes & Fee to cover the sales and use tax required by the state revenue department and the cost associated with complying with this requirement. 4) Holdback – Holdback fee of 10% of the value or $25, whichever is greater.

What is a “Holdback fee?” In the event of damage/theft (and the claim is necessary) this fee will be used as a “deductible” on the protection policy. We pre-authorize this fee in advance to ensure the claims process is simple and easy. This ensures the Lender will get their items replaced quickly. This fee is pre-authorization only on your credit card. The fee will automatically expire 7 days after the booking ends if no claim is filed. Protection plan fee and the holdback is put in place to protect our trusting users for lending their items. BOLELO asks our lenders to share their earnings but does not profit from the borrower.





At the meet

Can I ask the Borrower for photo identification when meeting?


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. You must be at least 18 years old to participate in a BOLELO transaction.





Cancellations & Extensions

I have made a booking arrangement to borrow an item from a Lender.  My plans changed and I no longer need the item.  What is the cancellation policy?


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 opportunity, if you miss this deadline you will forfeit 100% of fees paid.




As a Lender, I agreed to lend one of my items but something came up and the item is no longer available to rent.  What should I do?


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.




I need the item for a few more days.  How do I extend my rental?


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. This will ensure your BOLELO transaction is protected by the DPDLW, our item protection plan. Please note any cash transaction or transaction outside of the BOLELO platform does not qualify for DPDLW protection.





Disputes & Claims

My item came back damaged.  How do I handle the dispute with the Borrower/Lender?


If a dispute occurs after the transaction due to damaged/stolen items or for any other matter you must do the following. 1. 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. DPDLW is available and BOLELO is committed to expediting the process, however, filing a claim and getting results can be a lengthy process since determining validity, submittal, and verification of evidence can take some time. Please note that DPDLW protection does not include indirect damage and loss, such as missed use opportunity, loss of additional opportunity or income, etc., that occur as a result of the damage and any dispute process. 2. Direct Physical Damage Loss Waiver has been purchased for the item, therefore, you may initiate the filing of a claim for the lost/damaged item. All claims must be made within 48 hours of the completion of the BOLELO transaction. Your booking confirmation email will have a link to the claims process. You can also find the “File a claim” link on the footer BOLELO.org 3. In the event of theft, while the item is in the Borrower’s custody, the Borrower must file a police report to have a valid DPDLW claim. While BOLELO is just a platform that connects people, all DPDLW claims are handled by our partner firm, and BOLELO’s obligations under the program are underwritten by an insurance company. We are fully committed to providing a safe experience for our members so they can lend and borrow items with fewer worries. While making our claims process super easy for our users, we take any misuse of the DPDLW program very seriously. Anyone presenting a false or fraudulent DPDLW claim will be prosecuted to the fullest extent of the law. 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.





Safety & Protections

How do I find the Lender/Borrower’s contact information and their exact location?


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.




What is BOLELO doing to help me feel more comfortable about doing transactions with strangers?


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) We verify every user's Identification via a sophisticated artificial intelligence interface to make sure they are who they say they are 3) Our payment processor Stripe will cross-reference the borrower’s identity by cross-referencing it with their credit card information 4) 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 5) The exact item location is not visible on the site, only the general vicinity until booking confirmation. 6) We offer a product theft and damage protection plan to cover your item should it be stolen or come back damaged. For this, we are partnering with an insurance company that is part of “The Hartford” a fortune 500 company in the US since 1810. 7) 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. 8) If the claim is necessary, we make it super easy so the lenders can get their items repaired or replaced right away. 9) Users can rate the item, their experience, and each other to ensure accountability





Charity

Supporting charity is a good measure of sustainable business.  Does BOLELO partner with charity?


We have chosen to donate 5% of net proceeds to 501 (c) 3 non-profit, Lee Brothers Side Kick Foundation (30-0162842), based in Raleigh North Carolina. This is a small group of good people (100% volunteers) doing many great things for the community.