Do you have questions? Please email us at GoodNeighbor@BOLELO.org
BOLELO is channeling a powerful sustainability movement that is socially, economically, and environmentally friendly.
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. We also know, 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
Q. How does the BOLELO process work?
- Create an account for free
- For the safety of our users and to ensure a secure transaction, you must verify who you say you are by providing some sensitive information. To receive payment from the transaction you must also submit your bank information.
- We have chosen “Stripe” one of the world’s leaders in the online transaction as our payment processor ($36B company as of 4/2020). Your account information is secure with Stripe.
We hate spammers as much as you do. BOLELO does not store and will never share your personal information with others.
- Post your items to Lend – Posting is free for unlimited amounts.
- When listing your item, you will notice that the charge to the Borrower includes an amount for our “Direct Physical Damage Loss Waiver” (DPDLW).
While very affordable (usually only a couple of dollars per day depending on the item), the DPDLW will increase the final cost to the Borrower at the checkout. The Lender should consider the impact of this cost when thinking about what to price listing at, as it will increase the total rental cost to the Borrower.
- If you are looking to Borrow an item, simply search for what you need
- You can and should only communicate through BOLELO to ask questions, check availability, etc. A communication record on the thread will be available in case of a dispute.
- Arrange a meeting to exchange your item. Only agreed to meet the Lender/Borrower in a safe, well-lit, public location/time and always let a family/friend know of your plans.
- Be sure to ask for their photo identification when meeting. You should document everything in detail. Both parties should confirm the condition of the item in the transaction with a time-stamped photo/video from your phone. This should include exact working conditions including cosmetics and all accessories that are associated with the item before releasing/accepting, and at the time of return.
- Submit a review of Borrower/Lender by rating the item, their responsiveness, etc.
- You should only transact on BOLELO so your item will be protected by the DPDLW.
Q. What items can I post?
We can think 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.
Q. 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 a peace of mind when listing your valuables on our platform.
Q - So I am protected if my item is returned damaged, but does the DPDLW also apply if the Borrower fails to return the item?
A – Yes. While some may think we are naïve, we believe that people are good. We hope the Borrower was delayed due to circumstances beyond their control and couldn’t return the item right away. Regardless of the circumstance, the Borrower is responsible for additional time and the Lender, at their discretion, should charge for the extended rental time.
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 a theft 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.
Q. Is the DPDLW “insurance” for my item?
No. BOLELO only connects potential Lender and potential Borrowers for a small transaction fee. 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.
Q. 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 utimately 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 Wake County, North Carolina, plus compliance costs) will be added to the total, which will increase the final cost to the Borrower.
Q. 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 transaction. Everyone will be asked to show 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.
Q. How do I find 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 general vicinity (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, personal information, 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.
Q. What are the fees associated with the BOLELO transaction?
- There is the actual cost of borrowing an item from the Lender. Each lender will set their fee.
- 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 borrower will pay for the Direct Physical Damage Loss Waiver, a small fee that is usually only a couple dollars per item/per day depending on the item’s value. This cost is calculated at the checkout.
- BOLELO will also collect from the borrower an additional 10% Usage Fee to cover the 7.25% (as of August 1, 2010) sales and use tax required by the State and Local County and the transaction cost associated with complying with this requirement.
There’s no fee to be a member or to list any number of items on our site. Fees are charged only when a paid transaction occurs.
Q. 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 net transaction fee which is Daily Rate x # of Rental Days, minus the 15% BOLELO fee.
Q. I have made a booking arrangement to borrow an item from a Lender. My plans changed and 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.
Q. 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?
- You should contact the Borrower immediately so that they can make a different arrangement.
- You must immediately issue of a full refund to the Borrower.
- Please note the BOLELO transaction fee is non-refundable for Lender canceled transactions.
Q. 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. Please note any cash transaction or transaction outside of the BOLELO platform does not qualify for DPDLW protection.
Q. 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.
- 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.
- 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 7 days of the completion of the BOLELO transaction. Your booking confirmation email will have a link to the ChatBot to start the claims process. You can also find “File a claim” link on BOLELO.org
- 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 a third-party 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. However, 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.
Q. My item came back damaged. How do I handle the dispute with the Borrower/Lender?
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.
Together, let’s build a Socially, Economically, and Environmentally sustainable community!