Terms of Use

    Effective Date: March 4, 2025

    Welcome to Loopfolk, a peer-to-peer (P2P) platform that facilitates the renting of outdoor and adventure gear. By using our platform, you agree to comply with the following terms and conditions. If you do not agree, please refrain from using Loopfolk.

    1. Overview

    Loopfolk provides a digital marketplace where individuals can rent, lend, borrow, and share leisure and adventure equipment. Loopfolk itself does not own, inspect, or maintain the listed items. We merely facilitate connections between users and provide additional assistance in resolving disputes.

    2. User Eligibility and Verification

    • Users must be at least 18 years of age.
    • Users must register using a valid email and phone number.
    • Additional verification methods (e.g., identity verification) may be introduced in the future.
    • Loopfolk reserves the right to suspend or terminate accounts that violate these terms.

    3. User Responsibilities

    Renter's Responsibilities:

    • Inspect items before use and report any pre-existing or caused damage to the owner.
    • Return rented items on time and in the same condition as received.
    • Cover losses that occur during the rental period due to the renter's fault or negligence.

    Owner's Responsibilities:

    • Ensure items are in good working condition and safe to use.
    • Provide accurate descriptions and photos of listed items.
    • Address any disputes with renters regarding condition, usage, or damage.

    Loopfolk is not responsible for injuries, damage, or losses resulting from rentals. Owners and renters must resolve disputes independently, though Loopfolk may assist in dispute resolution.

    4. Payments & Fees

    Peer-to-Peer Transactions: Payments are processed through Stripe, Loopfolk’s third-party payment provider. By using the platform, users agree to Stripe’s own terms and conditions. Loopfolk does not directly process payments or store payment information.

    Platform Commission: Loopfolk charges a 15% commission fee on all rental transactions processed through the platform. This fee is automatically deducted at the time of payment and helps support the ongoing development, maintenance, and improvement of the platform, ensuring a safe and reliable experience for all users.

    Payout Schedule: Payouts to owners are released after the rental transaction is completed, meaning once the rental period has ended and no issues have been reported. Processing times may vary based on Stripe’s payout schedule, bank processing, and verification requirements.

    Business Accounts: Additional or alternative fee structures may apply to business accounts (e.g., outdoor shops). Details will be provided in updated terms when business account features are launched.

    Security Deposits & Late Fees: If required, these must be arranged directly between the renter and owner. Loopfolk does not manage or hold security deposits.

    Cancellations & Refunds: These must be handled directly between the renter and owner. Loopfolk is not responsible for issuing refunds or mediating financial disputes between parties.

    5. Shipping, Delivery, and Handling

    • Loopfolk currently does not handle shipping or delivery services.
    • Renters and owners are responsible for organizing shipping, pickup, or delivery of rented items.
    • Any risks during shipping (e.g., delayed returns, damage, lost items, or improper handling) are the responsibility of the renter and owner.
    • Owners should securely package items if shipped, and renters should inspect shipments upon receipt.
    • Any disputes regarding shipping-related issues must be resolved between the renter and owner.

    6. Prohibited Items and Behavior

    • Items prohibited under EU and Lithuanian laws cannot be listed.
    • Users must not engage in fraudulent, illegal, or misleading activities.
    • Listings that misrepresent an item's condition or availability may be removed.

    7. Liability and Risk Disclaimer

    • Loopfolk provides no warranties regarding listed items.
    • Loopfolk is not liable for damage, injuries, or losses resulting from rented items.
    • Owners may be held liable for faulty equipment that causes injury or damage.
    • Users acknowledge that equipment rental and usage involve inherent risks.

    8. Dispute Resolution

    • Renters and owners should resolve disputes between themselves.
    • Loopfolk may act as an arbitrator in disputes when both parties cannot reach an agreement.
    • Users retain the right to take legal action under Lithuanian and EU laws.

    9. Termination and Account Suspension

    Loopfolk may suspend or terminate accounts if users:

    • Violate these terms or applicable laws.
    • Engage in fraudulent or harmful activities.
    • Repeatedly receive complaints from other users.

    10. Applicable Law

    These terms are governed by the laws of Lithuania and the European Union. Any legal disputes will be resolved in Lithuanian jurisdiction.

    11. Communication

    By registering on the platform, users automatically agree to receive newsletters and informational communications related to the platform’s activities, new features, offers, or important updates. Users can unsubscribe from newsletters at any time by clicking the unsubscribe link in the email or by adjusting their account settings.

    12. Changes to These Terms

    Loopfolk reserves the right to update the terms of use at any time and commits to informing users of such changes. Continued use of the platform after publication of changes constitutes acceptance of the new terms.

    13. Contact Us

    If you have questions about these Terms of Use, please contact us:

    • By email at hello@loopfolk.com