What happens when your borrowed item is damaged?
By Suugloria Tun May 11, 2021
At Gecko, we understand accidents do happen sometimes, and it can become a stressful situation for both our borrowers and the lenders. That’s why we are here to help!
When borrowing, you’ll be charged for the bond and the price of the item. The bond price is there to protect the borrowed item in case accidents happen.
So what’s the process from here:
- The bond taken from the borrower’s account is placed in a “pending transaction”, which only Gecko, our payment provider (Stripe), and the bank can access.
- When accidents occur, we will ask the lender for before and after photos for photographic proof when the borrowed item is returned.
- Gecko will ask the lender to provide us with a quote on how much it will be to fix the damages.
- The bond is released from the “pending” state in your account to the lender’s account to help pay for the damages.
- *With the leftover money, depending on the circumstances, we will give a portion of the money to the lender to make up for the lost sales while it is getting repaired.
- If there is leftover money from the bond, it will be released back into the borrower’s account.
Gecko’s bond process is there to protect the lender’s items, and also help the borrower in sticky situations like these. Our secure bond process aims to create an enjoyable rental experience for everyone!
*NOTE: This type of case is highly dependent on each situation and circumstance. Most of the time, the left-over money will be given back to the borrower, however, it depends on the circumstance.
Want to learn more about our security process? Read it here.
Happy Gecko-ing 🦎
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