New 'It's Borrowed' app helps you rent out your old stuff

Posted at 6:01 AM, Aug 10, 2017
and last updated 2017-08-11 21:47:36-04

SAN DIEGO (KGTV)--A treasure trove of untapped cash could be collecting dust right in your garage.

But on Wednesday, a new app could help San Diegans tap into that money. 

It's Borrowed is now available for iPhones and Androids. It lets locals list nearly any item worth $500 or less to borrow - some examples, an old bike for $25 a day, or a Nintendo 64 for $10 a day. 

Mike Jacobsen, its founder, says he hopes it will eventually include everything from camping equipment, tools, coolers, and kitchen items. 

"I'm always going to have this stuff, it's just so underutilized," he said. "I want to be able to make some cash off of it and make it so other people don't have to spend a bunch of money."

The app is free, but gets a 20 percent commission on each rental. It charges the borrower's credit card for the rentals, so it's cashless like Uber. And if an item's lost or stolen, it will reimburse owners for the value.

It's up to the owner and borrower to arrange where to make the exchange. Jacobsen said the app doesn't give a home's location.

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Jacobsen suggested a Starbucks or otherwise public place during the day. Otherwise, the San Diego Police has parking spaces at its station in Rancho Penasquitos dedicated to the drop-offs at 13396 Salmon River Road.

And Craigslist has a page on being safewhen you make the exchange.