Loanables

Loanables

By Melissa Mixon Friday, 26 June 2009

In late 2006, Ryan Cush was talking with friends and family about some of the old tools that had accumulated in his garage over the years — saws, a lawn mower, even a fishing boat. The items had been sitting and collecting dust, which got everyone thinking.

“We realized people have all of this stuff and it’s never used. If you need something, you go to Home Depot,” Cush, 32, said. “We thought, ‘Wouldn’t it be cool if you could share all of your stuff?’”

A few months later, the north Austin resident started the online sharing site Loanables.com, which allows neighbors to rent out items from each other, though sometimes items are shared for free.

Loanables started as an online item-swapping site that was used by only a few north Austin residents. Now, it has a few thousand Austin members, and Cush gets inquiries from as far away as England, where a fan of the sharing site has asked how to start a Loanables group for her community.

Unlike eBay and craigslist, the items posted online are borrowed, not bought. People loaning out items for rent get to decide the terms of the rental, including the price and security deposit. Once a person requests to rent the item, a loaner can approve or deny requests, and both parties remain anonymous until they agree to a transaction. The Loanables site does not charge a usage fee and provides a legal rental agreement that protects both the loaner and the renter.

Payment and delivery of items is determined and handled by the two parties.

The idea behind Loanables started as a way to help reduce mass consumerism. Rather than spend money on new, and often expensive, parts Cush figured they could be shared within the community. Cush also saw it as a way to get to know your neighbor.

“One guy rented my boat and we started going fishing together and having coffee. We ended up talking about career stuff and we’ve kept in touch,” Cush said.

That is partly what attracted Marc Ostryniec to Loanables. Ostryniec, who lives in Tarrytown, has loaned out everything from saws to bungee cords and buckets.

Once, members of a school drama club came over to borrow his tile saw to do work on their set. When they arrived, Ostryniec could tell they had never used a tool like it before, so he gave them quick instructions on how to use it.

“It worked great,” he said. “It’s really nice to see what peoples’ projects are.”

While the most popular items rented are tools, the site offers everything from Halloween costumes for babies to a horse that can be rented for up to $75 a month.

In a creative twist, a Tennessee woman offered her handyman of a husband for rent.

Of course, another perk for both renters and loaners is money. Cush has taken in roughly $2,500 to $3,000 for items that he has rented out on Loanables.

“I have a fishing boat that has more than paid for itself,” he said.

Given the economy, Cush said the site is especially useful to people wanting to do projects cheaply or get extra cash by renting their items out on the site.

“That stuff can be your best investment,” he said. “You spend $100 on your stock and then you look at that and then you spend $100 on that thing you can rent out. You get a better return on those things hanging out in your garage or your attic.”

Teachers

Loanables also has items for teachers. On the site, teachers can browse supplies for subjects ranging from drama to science. The teacher section is relatively new and postings are limited, but teachers can find items like overhead projectors and Spanish language audio CDs.

Visit www.loanables.com/teachers.

Loanables, www.loanables.com