As the cost of living crisis plunges more and more people into debt, writer Megan Murray meets four women renting their clothes as a means of additional income.
, co-founder of Loanhood Jade McSorley explains that financial empowerment was her dream for the platform when launching in July 2022, “We wanted to put the power back in the hands of the consumer and allow them to make money from their hard-earned belongings, as well as showing that clothes have significant value.
“I already knew that I didn’t want a traditional wedding dress; the idea of spending so much money to wear something once goes against my values. I got engaged during the pandemic and the lockdown meant that we split our celebrations into an intimate ceremony with a family dinner on the beach, and then waited two years to have a big party. So, I also wanted multiple, versatile looks to suit different occasions.
Having a family has always been part of my plan and after miscarrying the previous year, we had continued trying to conceive but something didn’t feel right. After urging my GP to look into my symptoms, it was indescribable to realise that the issues I had been experiencing were cancer, and even more so that I was pregnant again but would need a termination immediately.
We predict that fertility expenses will total £200,000, so while we have a long way to go, I have raised £1,500 by lending my wardrobe and, along with other saving methods, we hope to reach our target by 2025.”“I was struggling to pay my London rent after my side-hustle fell through” I was so excited to have my own space, but the rent was right at the top of our budget. I had agreed to take the larger share at £900 a month . The decision was based on my ability to freelance alongside my full-time job, but within a few months those opportunities had dried up. I was really scared. Food and London activities were becoming more expensive too, and my family aren’t in a position to offer that kind of support. I needed another revenue stream – quickly.
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