You may be wondering, how do our borrow fees work? And how do we decide the price of each item? Here’s a brief guide to our pricing system!
Price per Day
If you look below each of our items in our inventory, you well see a displayed price. This loan is for a period of 1 to 2 days, whether we are open or not. So if you wanted it from Friday to Saturday, or Tuesday to Thursday, it would cost this price for Standard members.
For 3-7 days, such as Wednesday to Saturday, or a full week, it would cost you 200% or double the displayed price, for example, a £1 priced item would cost you £2.
For anything borrowed for longer than a week, the price will be worked out at the cheapest combination. For example, an item priced at £1, when borrowed for 9 days would cost £3 (£2 for the initial week plus £1 for another 2 days).
The above prices are for Standard members. The discount for our other 3 memberships (Subscribers 25%, Low Income 75%, Students 10%) will then be taken off this price.
|Example of an item with a display price of £10:||Standard|
|Low Income Price (75%)||Subscriber Price (25%)||Student Price (10%)|
|Borrowed for 1 or 2 days||£10||£2.50||£7.50||£9|
|Borrowed for 3-7 days||£20||£5||£15||£18|
Items such as reusable nappies are more likely to be borrowed for longer periods of time and so their displayed price is lower, to account for that.
Please note the base transaction fee is 50p. This means that although a £1 item reduced by 75% for a Low Income member would equal 25p, if borrowed alone for one day the price would be brought up to the base level of 50p.
We have built a sophisticated pricing formula which considers various factors to output fair prices which are within market value for Standard members (and then cheaper still for the other membership types). Every single item has been run through our pricing formula. One of the many factors included is the condition of the item. Every time an item is checked back in its condition is checked and price updated accordingly. For example, an item used 10 times may have decreased in condition, therefore the price will change to reflect this.
A Library of Things.
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