Arriving on this London-based platform, you’ll be greeted with the words "Rent almost anything." Anyone can create an account and begin to list items, or rent other people’s belongings for a day or more. It’s free to list and browse, and Fat Lama takes a cut on each instance of lending and borrowing.
However, there are some smart tricks going on in the background to create a thriving network and to ensure it all runs smoothly. As well as customer support, messaging services, and ratings and reviews for lenders, every item is covered by a £25,000 insurance policy. So if an item is lost, stolen or damaged during the rental, lenders can be reimbursed via Fat Llama.
While Fat Lama’s lending marketplace has categories in sports, electronics, clothing, and much more, an early trend has been the rental of equipment for creatives. Professional cameras are popular, as are drones, studio lighting, and DJ equipment, offered not only by individuals but also businesses seeking extra income from assets not in use.
Users posting items like these for others to use are seeing a real financial benefit, with some earning up to £8,000 a month. This shows how innovative business models that redefine our relationship with ‘stuff’, can also open up new ways for people to participate in the economy.
As with other sharing economy examples, the attraction lies in being able to access and use items without the upfront costs, maintenance, and storage concerns that come with ownership.
READ: find out more about the sharing economy and how it connects to a circular economy here. (circulate news article by Seb Read)