SECURITY DEPOSITS

How does Onthelease handle security deposits?

Security deposits can be required by Onthelease. Onthelease security deposit requests are based on the market value of the asset and it is determined by the Asset Owner.

Onthelease-required security deposits

When you make a booking, the full amount including security deposit and necessary delivery and/ or cleaning fees will be charged to your payment method.

As long as the asset is returned in the same condition, we will initiate a refund of the Security Deposit within 14 working days after the asset is returned or before the next Customer begins their rental. Your bank may take up to 14 working days to process the refunds. If it turns out the payment was unsuccessful, the booking will not be processed.

Try to ensure your payment method has sufficient funds available to cover the security deposit. (If you are unable to do so, Onthelease is not responsible for any associated fees, including overdraft fees.)

Asset Owners are required to provide documentation of the damaged assets and request reimbursement from the Customers through our secured Settlement Centre within 14 days of the return of the asset or before the next rental (whichever is earlier). If the Customer is unwilling or unable to reimburse them, the Asset Owner can then involve Onthelease team.

Before requiring a security deposit, Asset Owners should understand that not all damage caused by Customers can be charged. Exclusions may include general cleaning, ordinary wear and tear and non-physical damages.

How security deposits work if there is an issue with the asset?

If there is an issue during the rental, for Asset Owner-required deposits, the claims process will work the same. An Asset Owner can report an incident and submit a request for some or all of the security deposit within 14 days from the day the asset was returned or before the next rental—whichever is earlier.

Note: All payments, including security deposits, should always be made via Onthelease platform. Do not ever exchange money offline or outside of the Onthelease website.