Is borrowing is the new buying ?

by

With the opening of Barclays Cycle Hire this morning we see a new era in satisfying our occasional needs and desires through rental rather than ownership.

At 06:00 London’s bike sheds were open for business. TFL and Barclays have joined forces to create a brand new cycle hire service for London. Boris has referred to the early customers as pioneers.

Ecomodo is another new online service which encourages Londoners to borrow instead of buying for the benefit of the environment, their pockets and their communities.

Ecomodo enables individuals to lend or borrow virtually anything, directly from each other. Items lent have included lawnmowers, tents, golf clubs, inflatable mattresses, digital projectors and tools. Ecomodo enables members to list their items to lend and see what others have on offer. Items can be lent for free, or lenders are able to charge for an item, and choose if they want to keep the fee or make a donation to a charity.

The founders were inspired to create Ecomodo after reading that the average power drill gets used for 12 minutes in its life, and after considering the range of similarly seldom used items which collect dust in the closets, lofts and sheds of homes across the country. The team researched the barriers that stopped neighbours and friends from lending. As a result Ecomodo has some clever features to let people lend and borrow with confidence. Individuals can set up lending circles around any type of community (street, neighbourhood, school, faith centre workplace, council, charity, community group or club) and invite people to pool their resources for the common good. People can use their circles to restrict their lending and choose to take a deposit or insurance for extra peace of mind.

Meriel Lenfestey, co-founder of Ecomodo applauds the arrival of a cycle hire scheme to London, and adds, “For many occasions in life such as throwing parties, doing DIY, going on holiday or getting a job done, we need tools and equipment for just a short period. It is wasteful and expensive to consume more and more when there is a far better alternative on our doorsteps. Ecomodo lets you see into your neighbours’ closets!”

Borrowing is the new buying .. Ecomodo joins TFL and Barclays in encouraging Londoners to be pioneers in this new consumer landscape.

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