Genie Lenders — and how to become one!
What is a Genie Lender? What advantages does it have? Why should you become one?
Daggle is a great place if you want to lend our your things and make some extra cash. But what if you don’t have many things to lend out?
Not to worry, with Daggle you can become a Genie Lender, which gives you the power to lend out other people’s items! Magic!
So how does it work?
It works just like a normal Daggle transaction. A designated Genie Lender will receive a notification that someone wants to borrow an item, but in this case the item belongs to someone else. The Genie Lender can fulfil the request and instead of the transaction payment going to the original owner, it goes to the Genie Lender.
Why would I become a Genie Lender?
Mainly, it gives you the unique ability to lend more things and earn more money without having to own more things. That’s because when you start a transaction as a Genie Lender, you earn 100% of the transaction cost. Amazing!
What’s in it for the original owner?
Each week the original owner will be paid a flat fee from the Genie Lender based on how much the Genie Lender made from their items that week. To learn more about how much this would be, please read our post on dynamic subscription fees.
In short, by appointing a Genie Lender, the original owner can unlock the tremendous value trapped in the items they already own — which is especially important for people who are not in a position to lend out the items themselves. Maybe they don’t have the time, or maybe they’re travelling. Either way, Genie Lenders provide an extra avenue for our users to lend out their things.
If you’re curious to learn more about why you should lend out your things in the first place, you can read more here!
How do I become a Genie Lender?
First you must find someone who wants a Genie Lender to help them lend their items. Daggle can then designate you the Genie Lender and your friend the original owner. Once this is set, as the Genie Lender you will see in your account all the items that belong to the original owner. You will then start receiving any and all requests to borrow these items.
Note that the original owner will also receive the borrow request notifications and see the requests in their account. This allows them to monitor what is going on, and also, should the Genie Lender not be able to meet the request, the original owner still has the opportunity to do it themselves.
If you’re interested in becoming a Genie Lender, please email genie@daggle.org with your Daggle account email plus that of your friend, the original owner.
Are there any requirements?
Just one: that your lender rating score must be 90% or above. If you fall below 90% you will be notified and your Genie Lender status will be put on probation. If your rating falls below 85% then your Genie Lender status will be suspended.
But not to worry, all that means is that your account becomes a normal Daggle account again. You can still lend out your own items and earn. And if you can get your lender rating back up to 90% you can reapply for Genie Lender status! If you want to know more, here are some basics on lending.
Otherwise, it is up to your friend, the original lender, to decide if they want to keep you as a Genie Lender. They are permitted to end the arrangement at any time, because after all it’s their stuff!
Can I be a Genie Lender for more than one person?
Not just yet, but we hope that soon we can make this an option!
Thanks for reading and we hope you like our Genie Lender initiative! Please do get in touch with us if you have any questions. Happy daggling!
