What are the associated fees or costs for using the platform?
Borrowers are charged GST (13%) and a payment processing fee of 2.65% plus $0.15. While the platform is currently free, we'll introduce a small monthly subscription fee in the future. This fee supports platform upgrades, customer support, and a more trustworthy and dedicated user base. Plus, it ensures more money stays in the Lender's pocket by eliminating percentage-based fees.
What type of items are not available for rent on LEND-IT.CA?
LEND-IT.CA prohibits the lending and borrowing of inappropriate or unsafe items such as illegal or stolen items, hazardous materials (e.g., weapons), intangible items (e.g., digital downloads), items requiring special licensing, hateful or discriminatory items, and unsanitary or unhygienic items.
How does the rental process work for Borrowers?
To rent an item on LEND-IT.CA, browse the available listings, choose the item you need, and review the Lender’s terms. Once you select the item, proceed to book it through the platform by confirming the rental period and making the payment. Follow any specific instructions provided by the Lender, and ensure the item is returned in the same condition, subject to normal wear and tear.
What should I do if I foresee returning a rented item late as a Borrower?
If you anticipate being late in returning the item, first try to extend your rental through the platform. Communicate openly and promptly with the Lender about the delay. If you don’t extend the rental and fail to return the item on time, you might incur a non-refundable "Cancellation Fee." This fee includes: (a) a per-hour charge prorated based on the rental rate; and (b) a $50 flat fee if the item is more than 3 hours late.
What happens if a Borrower cancels their rental reservation?
For Borrowers: If you cancel within 24 hours of the rental period, you may face a non-refundable cancellation fee of 50% of the total rental amount, plus the payment processing fees and GST. Cancellations with more than 24 hours' notice incur no fee. For Lenders: To apply a cancellation fee, you must notify us at info@lend-it.ca. The fee will be deducted from the Borrower's payment, minus payment processing fees and GST.
How do I pay for the rental as a Borrower?
Borrowers can pay for their rentals using a credit card. Payment details are securely processed through our payment processor and gateway. Once you've made a rental reservation, you will see a "pending" charge on your credit card for the total rental amount and a $300 pre-authorization. The rental amount will be "charged" on your credit card when the rental item is returned. The pre-authorization is used as a security deposit for any repair, cleaning, or replacement fee that might be payable.