About Daggle

What is Daggle?

  • With Daggle you can borrow things and save money, or lend things and make money, all on a fast, feeless platform that transacts in real time

How does Daggle work?

  • Daggle builds trust between borrowers and lenders by allowing transaction payments to to happen in real time. Borrowers pays lenders by the second so they only pay for exactly the amount of time they used the item and lenders are guaranteed payment (because they’ve already received it by the time they get back the thing they lent out)

Why is it safe and secure to borrow other people’s things or lend out my things?

There are three parts to this answer, really:

  • All users are verified, so we know exactly who is borrowing your item
  • Borrowers are incentivised to return items because the real time payments will continue until the item is checked back in with its owner
  • The star-rating system encourages good behaviour on the part of borrowers and lenders, otherwise other users will stop borrowing your things or lending to you

Where are you located?

  • We are located in Abu Dhabi Global Market Square, which is in Abu Dhabi, UAE.

Where is Daggle available?

  • Daggle is based around neighbourhoods, so right now we are only available in a few select locations around Abu Dhabi: NYU Abu Dhabi, Shams Reem Island, and Al Muneera. But more locations will be coming online soon!

About security

What is two-factor authentication (2FA)?

  • Two-factor authentication, also known as ‘multi-factor authentication’ or ‘two-step verification’ is an extra layer of security on top of your username and password that allows you to be sure that you and only you are using or withdrawing your funds

Why do I have to set up two factor authentication?

  • We make 2FA a requirement because we are committed to ensuring that you have a safe experience and that your funds are not at risk

About borrowing and lending

How do I start the borrowing and lending process?

For borrowers:

  1. Find an item you want to borrow, click on 'Borrow', and follow the instructions for contacting the owner
  2. Arrange the pick up, meet, check the item you want to borrow, and agree an hourly rate
  3. When you are ready to start the transaction, click on the ‘Borrow’ button on the page of the item you want to borrow, then click on 'Scan QR code'. Allow Daggle access to your camera, and scan the lender’s QR code. If the scan does not work, you can enter the 3-word code instead. Once a code is entered, the clock is now ticking and real-time payments have started.
  4. For more detail please read our blog post on how to borrow.
For lenders:
  1. Arrange a pickup with borrowers who contact you, show them the item, and agree an hourly rate
  2. Go to your account page and find the item in your list of ‘My items’. If you have agreed to a different rate to the one displayed, you can click Edit and change the price. Once the price is as agreed, click ‘Create QR code’
  3. This brings up a unique QR code, which the borrower will scan to initiate the lending process. If the scan doesn't work, you can enter the 3-word code instead. Once a code is entered, the clock is now ticking and real-time payments have started.
  4. For more detail please read out blog post on how to lend.

How do I stop the borrowing and lending process?

It is almost the same as the borrowing process.

  1. The borrower and lender meet at the agreed time and place
  2. The borrow and lender each go to their own account pages and click on the item being returned (lenders can find this under ‘My Items’, and borrowers under ‘Borrowed’)
  3. The borrower presses the ‘Return’ button and the lender the 'Accept' button. The borrower can then click on 'Create QR code' and the lender on 'Scan QR code'. Once the lender scans the code (or enters the 3-word code) the clock and all real-time payments end.

Do I have to borrow or lend the item?

  • No, it’s up to you. If you decide as a borrower that you don’t like the item or the owner, even having met them, you can decide not to initiate the transaction which only starts once the QR code is scanned. As a lender, the same is true. If you do not wish to lend the item to someone you don’t have to.

How do I know I won’t get overcharged for what I’m borrowing?

  • All payments are conducted in real time at whatever rate you agree. For example, if you agree to an hourly rate of AED 60 and you borrow the item for 59 minutes you will be charged AED 59. But if you borrow it for 63 mins you will be charged AED 63. You are charged for exactly the amount of time you borrowed the item for.

How do I know I will get paid for what I lend out?

  • Daggle works on a real-time payment system, which means you start to get paid as soon as the item is borrowed. The funds appear in your account in real time, by the second.

How long will it take for me to see the money I’ve earned in my Daggle account?

  • Funds appear immediately and accumulate with each second the item is lent out.

What if my stuff gets damaged, lost, or stolen?

  • We expect all users to treat the items they borrow with respect and return them to their owners.
  • We would advise that both lenders and borrowers take photos of the item before the transaction starts, so both sides have a record of the condition of the item before it is borrowed
  • Should an item be lost or damaged and you are not able to resolve the issue with the other party, please contact us at claims@daggle.org

What’s the deal with insurance and liability?

  • Daggle provides a basic level of insurance coverage to provide greater comfort to users lending out their things.
  • The liability of lending and borrowing remains exclusively with the users. Daggle’s role is a platform to help borrowers and lenders meet and does not hold any liability.
  • Please read our blog post on insurance for more details

Does Daggle take a fee for each transaction?

Daggle does not take any transaction fee whatsoever. What the borrower pays the lender gets.

How does Daggle make money?

  • During the beta-testing phase, Daggle will not be taking any revenue
  • Once Daggle has launched, its business model will be based on monthly subscriptions.
  • Borrowing: no subscription required
  • Lending: automatically charges you a flat fee based on your earnings for the month.
    Please see our Subscription Fees Schedule or read more on subscription fees on our blog.

What happens to my money?

  • Deposits: Depositing funds with Daggle is like depositing with a bank. The funds appear on your account page and you can use them as you wish.
  • Transactions: When a transaction takes place, the data created (what is being borrowed, who are the borrower and lender, how much is being paid) are recorded. Actual funds do not move anywhere. What changes are the respective balances of the borrower and lender, which is reflected in their account pages.
  • Withdrawals: You can withdraw funds from your account at any time, up to the amount available on your account page. This reflects the sum of the funds you have deposited, minus the amount you have spent borrowing things, plus the amount you have earned lending things.

It won’t let me borrow anything. What do I do?

  • Make sure you have money deposited and 2FA enabled

It won’t let me lend anything. What do I do?

  • Make sure you have entered the rate at which you will lend the item and pressed ‘Lend’ to bring up the QR code for the borrower to scan and initiate the transaction

Why don’t you use cryptocurrencies for borrowing and lending?

  • This is a great question. We hope to do so in the future, and it is definitely a part of our road map. For now, however, cryptocurrencies are both too volatile and not widely adopted enough for us to work with. Watch this space.

About depositing and withdrawing

How do I deposit money onto Daggle?

  • On your account page there is a ‘Deposit’ button. There you will find a number of options for how to deposit funds with Daggle.

Why do I have to deposit money onto Daggle?

  • You need money on your Daggle account in order to borrow things for zero transaction fees. If you don’t want to deposit funds, you can borrow and pay each transaction with your stored credit card, but note that your credit card company will likely add a charge fee. Or you can lend things out first and earn enough funds so you can then start borrowing.

How do I withdraw money from Daggle?

  • On your account page there is a ‘Withdraw’ button. There you will find out how you can withdraw your funds. We will process requests as soon as possible, but if you have any concerns please email account@daggle.org

Why am I charged to deposit or withdraw money? I thought it was feeless?

  • There are no fees for borrowing or lending things with Daggle. Daggle is feeless. However, third parties will charge fees for using their system to deposit or withdraw funds, e.g. banks, PayPal. If you deposit or withdraw in cash, there are no fees.

Why does it take so long to withdraw money?

  • It’s a manual process at first so apologies for the slowness, and banking systems can take up to 5 working days to process payments