Beyond the potential profits that may come from investing you can enjoy a few additional benefits of buying into businesses that you believe in.
Organise to meet in a public place
Look at their profile pic so you know ahead of time who you are meeting
Take a friend if you are unsure
Always tell at least one person what your plans are
Get a reference from another user if you can who can vouch for them or check with the LOANHOOD team
Do not get in a vehicle with someone you have never met
All payments must be made via the platform, do not pay in person
The service fee goes towards running our app and website, payment processing fees and the tech team, allowing us to continue to develop features to create the best platform for you.
Every item uploaded to the platform is checked by the LOANHOOD team and can take up to 48 hours to approve.
Stripe are pretty flexible about how this field is fulfilled as long as the “site” provided has a description of the product or service provided. For instance, we can review a business's social media profile instead of a website (e.g., a well filled out LinkedIn or Instagram business page that includes a description of the products or services you provide and your contact information).
At LoanHood we are aiming to build a community of trusted Loaners by sharing reviews you help build our community.
Borrowers want to know who they are loaning from. It creates a sense of trust within our LOANHOOD community.
At the end of each rental you will be able to leave your Loaner a review of up to 5 stars. This helps us build a trusted community.
We are an inclusive website but we do not hold any stock. If you can't find your size but covet one of your friends wardrobes who is a similar size invite them to the site and spread the word. The more users, the more variety.
We recommend meeting in person to save on delivery costs and emissions. Otherwise the Loaner bares the cost of delivery which is built into the rental fee, the Borrower of return.
We are on a mission to build a community of like-minded people who are passionate about making a real impact. We believe that crowdfunding is a great way for us to achieve this, as well as raising some cash monies to drive the business forward and create some buzz for our LOANHOOD community.
The funding itself will be used to bring our tech in house aka hire some kick ass developers so we can improve your experience in app and take our beloved fashion rental studio on the road.
The Loaner (the person who owns the clothes) is responsible for the cleaning of the clothes once the Borrower (person renting the clothes) has returned the item(s). For Loaners, this means if you are going to dry clean the item on return make sure you add this as an additional cost when listing your item. All items sent out should be clean, pressed and ready to wear.
The Borrower is responsible for returning the item to you. We will send the Borrower an email before the rental period is over to remind them to send the item back in time.
Seedrs is open to individual investors, aged 18 or over, resident in certain jurisdictions, as well as institutional investors incorporated in these countries. If you are based outside of an accepted jurisdiction, you are welcome to join Seedrs as a member, but you will not be able to invest through them just yet (unless you have a direct connection to a business currently raising investment).
Head to Rental Summary in your Borrower Bag to find the tracking number. If you can't find it, check with your Loaner that they entered one.
The Borrower has your item(s) until the very last day of the rental period. If they have rented an item for one week, it’s theirs to wear from day 1 to day 6. It needs to be back in your hands on day 7 ready for you to wash and wear again.
You can pre-register on Seedrs from 14 October. This will give you priority investment access to our private launch on 10 November.
The public launch will go live on 16 November and will run until 16 December.
As per our payment provider Stripes policy, the payment is initiated once the item is booked and payment information has been submitted.
This will depend on your bank but you should receive the payment back to your bank account in 5-10 business days. If you have any issues please send us an email at support@loanhood.com
As a Loaner you will get paid 5-7 days after the rental period begins, depending on your bank provider.
We accept all clothing, shoes and accessories from pre-loved to still with the tags on.
The item must arrive with the Borrower on the first day of the rental. For example, if they have selected dates September 1-7, you will need to either organise to meet on Monday 1st or will have mailed the item to arrive on Monday 1st September. We recommend recorded delivery to ensure the item is tracked and signed for or at the very least proof of postage which is free.
You have your item(s) until the very last day of your rental period. However, if you have chosen to deliver by mail then you must take into consideration the return period. All rentals are for the week, unless you have requested an extension.
Currently we are accepting clothing, accessories and footwear of all brands, including vintage.
LOANHOOD is created and curated by you. Sizes and styles available reflect this, if you can’t find what you’re looking for help us spread the word and help us grow.
We do not accept clothes with damage, heavily stained items or items made from real fur (the Queen doesn’t agree so neither do we!) We understand pre-loved clothes can have minor damage but just let your Borrowers know in the item description and be as transparent as possible. Check out our buddies The Seam or find a local seamstress or tailor for repairs or see our cleaning guide for help with stains. Trust us, this will stop any awkward moments and keep your feedback positive.
Unfortunately, we don’t offer refunds for bad fit so please make sure you read the description carefully. If it doesn't fit as you had imagined, is there a way to style it out? How did other Borrowers style this item? Check out our instagram for inspo and style tips.
Either party can cancel a rental. If cancelled more than 48 hours prior to the rental is due to commence you will not be charged. A cancellation made within 48 hours of the rental commencement date will not be reimbursed. Cancelling last minute means a Borrower could get stuck without an outfit for a special occasion, on the flip side it makes it difficult for the Loaner to book an item out with other Borrowers
We are all about spreading free love but £4 is the lowest you can set your weekly rental price. This is to ensure minimum platform fees are covered.
Seedrs is a crowdfunding platform here in the UK that enables start-ups to issue shares and raise money from everyday and experienced investors who want to share in the future of companies they believe in. Kinda nice right?
We are committed to making sure LOANHOOD is the safe way to share wardrobes within our community. Our verification process is there to safeguard you and other users. Once you upload or rent an item you will be taken through the Stripe verification process which requires government certified identification such as drivers license or passport.
Equity crowdfunding is when you guys invest in an early-stage company like ours, in exchange for shares in that company (sharing economy anyone?!) usually through an online process. A shareholder owns a piece of the company and stands to profit on an Exit Event (i.e. IPO, merger or sale) should the company continue to perform well and increase in value. The opposite is also true, so if the company fails investors can lose some, or all, of their investment.
Shares are units of equity ownership in a corporation. A class of shares which have specific rights attached to them, as set out in a company’s articles of association.
The Borrower rents the item(s) from Loaner - the person who owns the item(s) for a limited amount of time. As a Borrower you are renting someone else’s clothes, so please treat them as your own and return ready to wash and wear again.
The Loaner is the person who OWNS the item(s) and rents to the Borrower for a limited amount of time. Remember, you’re not a-Loan (sorry, terrible pun)
Please make sure you have properly read the description and seen all the images provided by the Loaner. When renting a garment remember it’s preloved so while you should expect items to be clean and ready to wear they will not be boxfresh unless stated as never worn. This is how you get to wear items at a fraction of the cost of buying new. If you are not happy with the item(s) please contact the Loaner immediately with an image of the damage/problem. If you cannot resolve the issue then please Report an Issue on the app or email directly to support@loanhood.com.
We encourage Loaners to post content of them wearing the items of clothing rather than stock images. We know you are a creative community so inspire us! You can add up to 5 photos to showcase your item with a minimum of one photo. The more content the better. Have fun with it. Our system will politely tell you if you’re trying to upload files larger than this.
Unfortunately, we don’t offer refunds for bad fit so please make sure you read the description carefully and feel free to message the Loaner any queries you may have ahead of requesting the item. If it doesn't fit as you had imagined, is there a way to style it out? How did other Borrowers style this item? Check out our instagram for inspo and style tips. Other tips for a great fit; ask the Loaner how the item fits them, cross reference with the size guide provided by the brand, check the reviews posted by other Borrowers.
Please contact support@loanhood.com and we will assist you.
In the event that a Borrower and a Loaner are unable to resolve a dispute between them directly, they can ask us to mediate the dispute. If we do mediate a dispute, we may charge a fee of up to 25% of any amounts that we, the Loaner and the Borrower determine are payable by the Borrower to compensate the Loaner for any loss or damage to the item.
By renting an item the Loaner and Borrower have entered into an agreement. The Borrower is under no obligation to return the item before the end of the rental period. There is no discount offered for returning items early.
We do not accept clothes with damage or heavily stained but encourage you to repair your items and breathe new life into them. Check out our buddies The Seam or find a local seamstress/tailor for repairs. If the damage is not noticeable please make sure to let your Borrower know in the item description and be as transparent as possible. Trust us, this will stop any awkward moments and keep your feedback positive.
If the item is delivered in person this won’t be an issue. If you are using a delivery service or Royal Mail please check that they deliver on these days. If your item is going to arrive late please contact your Loaner/Borrower immediately to find a resolution. Please see late fee charges.
Ask the Loaner if they offer the items individually as well as part of a “Look”.
You can remove or a listing or cancel at any time up to 48 hours before the start of the rental period. If you cancel an agreement to rent an item to a Borrower less than 48 hours before the start of the rental period, we may charge you a cancellation fee equal to 50% of the total Rental Fee.
If more than 7 days have passed since the agreed return date of an item, it is classed as a ‘non-return’ and you will be charged the RRP of the item to compensate the Loaner. However, sometimes life happens, flights are missed, babies come early and natural disasters occur. We recommend contacting the Loaner who may be happy to extend your rental period. Everyone loves a happy ending.
We highly recommend all enquiries and arrangements are made via the LOANHOOD platform so that in the unlikely event of a dispute we can help facilitate a resolution. Any payments made outside of the LOANHOOD platform will be viewed as fee avoidance and is counter to our user agreement. Any guarantees or user protection will be void and your account may be terminated and you will be liable for double the fees avoided, or a fine for each instance of doing so. You can report any issues directly to support@loanhood.com.
At LOANHOOD we aim to prolong the life of garments and save every item from landfill. Extending their life even by nine extra months can reduce carbon, water and waste footprints by around 4-10% each. This is great news but what do we do with the items post rental. Bring your items down to one of our swaps, find your local textile recycling bank or head to Love Your Clothes for more advice. Don't bin it… recycle or repurpose!
Please make sure you have properly read the description and seen all the images provided by the Loaner. If part of the look is missing please contact your Loaner to resolve this situation as they may be able to get the missing item to you on the same day. If you cannot resolve the issue then please contact support@loanhood.com.
Please make your Loaner/Borrower aware and hopefully you can resolve the issue between you. For any disputes please contact support@loanhood.com - also please see Late Fees.
Any payments made outside of the LOANHOOD platform will be viewed as fee avoidance and is counter to the LOANHOOD user agreement. Any insurance or user protection will be void and your account may be terminated. We highly recommend all enquiries and arrangements are made via our platform so that in the unlikely event of a dispute we can help facilitate a resolution.
You can report any issues directly to support@loanhood.com
The main way you can make money from your investments is by selling your shares for more than you paid for them.
You may be able to sell your shares on the Seedrs Secondary Market, whereby investors can buy and sell shares from each other online.
Other options could be
You are likely to be able to sell your shares – often at a significant profit – at these later stages.
We understand that accidents happen, including staining and minor damage of items from time to time. If this occurs during your hire, you must contact the lender immediately to arrange a resolution. If you cant resolve the issue please Report an Issue or email support@loanhood.com. If you have selected Rental Protection or the Loaner has that built into the rental then please see out Rental Protection policy.
Loan a Look means you can rent the whole outfit! Our Loaners have amazing style and they can show how items, from fast fashion to high-end, can work together. Renting in a bundle means it reduces the number of times items are delivered, reducing their carbon footprint. It also means you waste less time figuring out how to style pieces and what to wear them with. Win win!
If your item is returned to you damaged please take a picture straight away so that it is time stamped on your phone and contact your Borrower to try and resolve the problem. You may be asked to provide photos of your item taken before it was shipped to support your claim that any damage was caused by the Borrower (and was not present at the start of the rental period). If you can't resolve the issue please Report an Issue or email support@loanhood.com. If you have selected Rental Protection please see out Rental Protection policy.
If an item is damaged beyond repair and needs to be replaced the Borrower will be charged the RRP of the item unless you can source the item and replace it within 7 days.
If you receive a payment issue message, this generally means that there are insufficient funds in the account that you are trying to pay with. If this is not the case, make sure that all details entered are correct before reprocessing the order.
Please organise to meet outside where possible and stay two metres apart when meeting in person. Place the bag on the ground and step back whilst the other person takes the rental items. As per Government Guidelines we recommend washing your hands regularly especially after handling someone else's goods.
Not right not but if this is something you would like then please do let us know at info@loanhood.com
Rental Protection costs £2 per transaction and covers the cost of repairable damage (such as a broken zip, missing beads, stain removal) up to a maximum repair cost of £50 per rental so you can chill when renting.
A Loaner can choose rental protection during the upload process and they will bare the cost. If the Loaner does not opt in for Rental Protection the Borrower can choose to protect the garment when requesting a rental and in that case they will pay the £2 fee.
If a Borrower does not choose the rental protection, they will have to cover the price of any repair/damage that may be caused during their rental.
At the end of each rental you will be able to leave your Borrower a review of up to 5 stars. This helps us build a trusted community.
We suggest checking out the Loaner Guide for suggestions. Make sure your item arrives clean and dry. We’re all about recycling so why not repurpose packaging from another online delivery or checking out our suggested Packaging Partners.
Please make sure you have properly read the description and have seen all the images provided by the Loaner. When renting a garment remember it’s preloved so while you should expect items to be clean and ready to wear they will not be boxfresh unless stated as never worn. This is how you get to wear items at a fraction of the cost of buying new.
Joining, creating an account and listing an item on LOANHOOD is free. However, a fee for each loan will be added to each transaction. This will means you get 85% of the rental price.
An item returned up to 24 hours late will be charged 50% of the weekly rental price. An item returned more than 24 hours late will be charged for an additional week. The Loaner has the right to waive this but you are under no obligation to do so.
We have no reason to believe peer to peer rental is unsafe but here are some tips to limit contamination.
We invite you to read the guidelines from WHO and follow their advice.
Please do not rent if you have Covid -19. If you or someone you have been in contact with has Covid-19 and you have been using the LoanHood service please make us aware for Track and Trace.
To create a transactional account with us there is a minimum age requirement of 18. If you are under 18, our payment processor Stripe will display an error message and will not allow you to complete the signup process.
Please make your Loaner aware if your item will be returned late (if you missed the post, the roads are closed or the central line is down again) and try to rectify the situation.
An item returned up to 24 hours late will be charged 50% of the weekly rental price. An item returned more than 24 hours late will be charged double the weekly rental fee. The Loaner has the right to waive this but they are under no obligation to do so. To implement late charges please email support@loanhood.com
Head to the App Store or Google Play and download the app. You can also access through our website www.loanhood.com
We always recommend getting proof of postage. If more than 7 days have passed since the agreed return date of an item, it is classed as a ‘non-return’ and the Borrower will be charged the RRP of the item. However, sometimes life happens, flights are missed, babies come early and natural disasters occur so we encourage you to resolve this issue between Loaner and Borrower. LOANHOOD cannot take responsibility nor reimburse for lost items as this is a third party service we have no control over.
Yes! Enterprise Investment Scheme (EIS) is a UK tax scheme offering income tax and capital gains tax reliefs to qualifying private investors who invest in eligible businesses.
All our users have gone through an ID verification process in their initial sign up but we can understand meeting in person can be quite daunting.
We encourage Loaners and Borrowers to meet in person so we can start to build a community and reduce emissions from postage. We often host events where you can meet other LOANHOOD users in a safe space.
Otherwise check out our Safety First in Person Guide.
You manage your own rentals so you can rent your item as many times as is available to the Borrower.
This is decided by the Loaner. The Loaner sets the price taking a number of factors into consideration but we suggest it is usually between 10-20% of the original retail price. LOANHOOD then adds 15% service fee which is included in the price you will see when browsing. Thats 65- 75% saving!
The Loaner has 24 hours to confirm or decline a rental request.
We recommend not booking more than 3 months in advance but if you’re looking for something for a special occasion like a wedding why not DM the Loaner and see if they’re happy to make a reservation further ahead.
We suggest 15% of the Original Retail Price which will automatically calculate into the Rental Price Per Week.
If you feel one of the items is a cult piece in high demand you can hover around the 20% mark. If there's a pre-loved item that you are sick of seeing sat in your wardrobe and want to make it work for you then head down to the 10% mark. You can edit our Price Per Week but remember this is rental, you are not selling so keep it close to our suggestion and watch the rental requests stream in.
For bags and accessories we recommend around 5-10% as there is unlikely to be any cleaning involved.
Unlike a retail platform where there is a flat rate for delivery bear in mind delivery costs will vary depending on size and weight. Head to the website of your chosen delivery method for some guidance on pricing.
Forgot your password? We have all been there. Simply click ‘Reset my password’ and type in your email address. If we have your email address in our database we will be able to send an OTP Verification code to your email address allowing you to reset your password via the app. If you have any difficulties you can always email us at support@loanhood.com
Make sure you upload images of the item and describe it honestly and in detail. It is best to be transparent from the start.
To chat with the Loaner you will need to request an item from them which will then open up messaging. You can still cancel the request afterwards but it allows you to ask any questions you may have around fit etc.
You can manage your items availability through the calendar in your account. Go to My Calendar or simply select Holiday Mode
You can share the LOANHOOD app by heading to the three dots (top right) in your profile and selecting 'Share' or share a specific rental with friends by selecting 'Share Rental' from the item's profile page.
To delete your account please head to your profile page, click the three dots in the top right corner and head to delete account. As per GDPR LOANHOOD will keep your user and transaction details on the database for up to 6 months but delete all other data such as items/looks/profile images and chat messages.
Pre-registering does not mean you actually have to put any money in. It simply means you’ll be the first to know about our exclusive opportunity to invest when we open privately.
Not yet but if this is something you would like please feel free to email us and we’ll do our best to implement asap support@loanhood.com
We do not have a waitlist, we use a calendar system. Bookings can be made up to 3 months in advance but if you’re looking for something for a special occasion like a wedding why not DM the Loaner and see if they’re happy to make a reservation further ahead.
We work with Oxwash an on demand laundry services made simple and sustainable. They can collect your laundry from your doorstep, before they wash your items using state-of-the-art low impact washing technology. Use code LHOXWASH20 to get a 20% discount!
You do NOT need to wash your item, that will be done by the Loaner. They may have specified that you can clean the item during the rental period if you so wish but it is not a requirement.
The UK Government no longer advises that clothing needs to be isolated or cleaned before use. This follows new advice to the Government from Public Health England based on a review of the growing body of scientific evidence on transmission. Regular hand washing and/or use of hand sanitiser remains vital when handling your clothes. You can isolate your you item(s) for a period if you feel this is appropriate, but this is no longer a requirement or expectation set out in UK Government Guidance.
The UK Government no longer advises that clothing needs to be isolated or cleaned before use. This follows new advice to the Government from Public Health England based on a review of the growing body of scientific evidence on transmission. Regular hand washing and/or use of hand sanitiser remains vital when handling rentals. You can isolate your rental for a period if you feel this is appropriate, but this is no longer a requirement or expectation set out in UK Government Guidance.
Either party can cancel a rental. If cancelled more than 48 hours prior to the rental is due to commence the Borrower will receive a notification and a refund. If you need to cancel within 48 hours of the rental commencement date please speak directly to the Borrower to explain why this has happened. They may refund you but they are under no obligation to do so.
When you upload an item you will have the option to select your delivery preferences 'In Person Pick Up / Drop Off' or 'Courier / Royal Mail'. Unlike a retail platform where there is a flat rate for delivery bear in mind delivery costs will vary depending on size and weight. Head to the website of your chosen delivery method for some guidance on pricing.
We are constantly updating our system and keeping our eyes out for new cool items to list. If you feel we are missing a category or subcategory please feel free to email support@loanhood.com This platform is for you!
We strongly recommend you add a tracking number to your delivery once shipped. Without a tracking number it will be difficult for us to help if an item goes missing.
If we find anything unexpected or not meeting the standards of our Loaner criteria then the LOANHOOD team has the right of refusal over any uploaded content. Reasons may include: Listings with profanities in the description or title; Any slandering of other users or threatening messaging; Direct contact information for the Loaner; Inappropriate content – Keep it clean, no drugs, knives or nudity; Content that may be detected as spam; Links to other sites where the item can be purchased or loaned.
