Fat Lama Review: Rent Out Your Stuff and Make Money

Home Side Hustles Fat Lama Review: Rent Out Your Stuff and Make Money

Fat Lama is a new online marketplace that allows you to rent out or borrow almost anything from people around you.

The concept of the gig economy as a money maker/saver is by no means a new one to the millennial audience – we have examined the potential of platforms like Airbnb and Uber extensively in the past.

However, today we are reviewing Fat Lama, a new online marketplace that allows you to rent out or borrow almost anything from people around you.

Fat Lama Review

fat lama

What is Fat Lama?

Fat Lama is a peer-to-peer rental platform that allows people to monetize their existing possessions by renting them out to people nearby (fully insured).

The platform is designed to work to the mutual benefit of both the borrower and lender – whilst it enables the lender to turn their unused items into profit, it also saves borrowers money by avoiding unnecessary purchases.

There is no limit to the number of things you can find on the platform, from everyday items like a drill or bike, to more expensive bits kit like DSLR cameras and DJ decks.

Want free money?

  • Aspiration: Want to get spotted a $100 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

How do you use the platform?

The experience of using the platform varies depending on whether you are a borrower or a lender.

As a lender, you just need to create an account and then you are free to list as many items as you like on the platform for free. It won’t ask you for anything else until you make your first rental, when you will be asked to submit your ID and bank details so the platform can pay out to you directly.

Once that’s established it’s just a case of approving/ declining rentals as they come in and arranging the handover with the borrower. All your items are fully insured on the platform so Fat Lama does take a 15% commission to cover this and the administration, but this will only come off when the rental has been approved so you will never lose money on the platform.

As a borrower, as well as making its lenders money, Fat Lama is also designed allow borrowers to avoid unnecessary purchases by renting the items they need cheaply from people nearby. When you log into the platform, you have the usual browse bar for items and location where you can search for what you need. When you identify an option you want you can either request to book it straight away or message the lender first to determine whether its free (similar to Airbnb).

The first time you rent on the platform you will need to pass through the company’s security verification process but once that’s done all your requests will go straight through to the lender. The payments are all managed online so there’s no need to carry cash about when you are meeting up with lenders for the handover. Fat Lama does not ask for any deposits when you make a rental.

Can the platform actually make you money?

Fat Lama states that some of their lenders are making up to $10,000 a month in rentals, though this no doubt the case for a number of lenders, do not go in expecting to make this much if you have only listed your lawn mower.

Want free money?

  • Robinhood is a free investing app for your phone. I really mean free all around – free to join and they don’t charge any fees to buy or sell the stock. You can get a share of stock like Apple, Ford, or Sprint for free when you join through this link (must complete application). The value of the free share may be anywhere between $2.50 and $200 and fluctuates based on market movements. You’ve got nothing to lose.

The answer is that, like so many side hustles, you get out what you put in. The more you list the more rentals you are likely to make, and obviously higher value items will rent for a better daily rate. A point in Fat Lama’s favour, over sites like eBay or Etsy, is that by renting out an item (rather than selling) you can gain revenue from it multiple times – so you only really need one possession to be a popular rental and you have yourself a regular source of income.

What are the pros and cons for a millennial audience?

Like most peer-to-peer rental platforms the obvious drawback comes in supply and demand. The nature of peer-to-peer means that there tends to be greater concentrations of listings in areas where there are the most people – ie. cities. This is all well and good if you are based centrally, but supply can be problematic if you are living out in the sticks.

However, there are certainly benefits to balance this out. On the borrower’s side, Fat Lama makes items much more accessible to a millennial audience by not asking for a deposit. This, combined with the generally lower prices of peer-to-peer, means that millennials can afford to try things they could never contemplate buying – flying a drone, renting a surfboard, trying out the latest film camera etc.

The platform benefits millennial lenders as well, as so many young people have assets of some sort (laptops, speakers, cameras etc.) but are relatively cash poor. By allowing, people to unlock the earning potential of items they already own, Fat Lama allows its lenders to make money without having to commit to any capital output.

Hacks and tips

If you are wondering which items rent best on the platform check out their latest blog series with a break down of the highest earning rentals in each category.

New users get $20 credit towards their first rental – watch out for a pop-up with a discount code when you sign up!

Want free money?

Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Image source: Forbes

The Best Apps to Save You Real Money

We are on our phone a lot, right? Wouldn't it make sense to save money with the best money saving apps?

AppAt a glancedownload
capital one shoppingBestow
★★★★★
Leave your family $1M. Who doesn’t want to be a millionaire? While we don’t all have trust funds waiting for us, there is still a way to provide protection for your loved ones with up to $1 million in term life insurance. You could do this for as little as $8 a month by getting a free quote from Bestow.
GET ESTIMATE
aspirationAspiration
★★★★★
Get a $100 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.
CLAIM $100 BONUS
robinhoodRobinhood
★★★★★
Open a new account in the next 24 hours and you could get up to $200 in free stock.
CLAIM FREE STOCK
Truebill reviewTruebill
★★★★★
This free app delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.
SLASH YOUR BILLS

About the author

Brian Meiggs
Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you put more money in your pocket. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Yahoo! Finance, NASDAQ, Discover, MSN Money and more.

On a similar note...

Bottom Line:

Great way to make some income with your stuff. By allowing, people to unlock the earning potential of items they already own, Fat Lama allows you to make money without having to commit to any capital output. The only downside is the supply is limited depending on your location, but as the userbase grows this app will surely shine.

Explore More On

Our Favorite Apps

ImageDescriptionlearn-more
personal capitalThe First and Only Interest Earning Crypto Account
  • Receive up to $250 Bitcoin bonus when you make qualifying deposits over the first 30 days
  • Receive up to 8.6% annually on your crypto
  • Join the most trusted financial services for crypto investors on the market
GET STARTED
aspirationThis Company Will Give You $150 for Opening a Free Account
  • Boost your savings and earn up to 1.00% APY interest on your savings
  • Get up to 10% cash back on your purchases
  • Get $150 bonus when you spend your first $1,000 with your new Aspiration Plus Card
CLAIM $150 BONUS
personal capitalGet Up $500 in Free Stock for Joining
  • Commission-free stock, ETF and options trades
  • Get a free stock worth up $500 when joining (must complete application)
  • Simple, easy to use investor platform with no account minimums
CLAIM STOCK BONUS
sofiAll-In-One Investing That's Easy to Use
  • Invest in stocks, ETFs, crypto, or automated investing in all one app
  • No commissions for stocks and ETFs
  • Complimentary access to SoFi Financial Planners
INVEST NOW
personal capitalThe Smart and Free Way to Manage Your Money
  • Take control of your finances with the perfect union of technology and highly personalized service
  • Get access to free online financial tools, including retirement planner, investment checkup, net worth calculator and more
  • Digital-first wealth management advisor with 24,000 clients in 50 states
SIGN UP FREE
blooom401K and IRA Management
  • Start your free 401k and IRA management now
  • Find and reduce hidden fees
  • Improve your diversification
START NOW
citEnjoy the Benefits of a CIT Bank Money Market Account
  • A CIT Bank Money Market Account helps you get more from your savings with interest rates for maximum growth
  • Earn over 7x the national average with high-interest rates
  • It now pays to open a money market account with CIT Bank
OPEN ACCOUNT
Do NOT follow this link or you will be banned from the site!