Loanables is a great idea. It allows people to list items they have for rent at a set price per day/week, etc. Other people can browse or search for items they need. It's a great way to save or make money, depending on your side of the transaction.
For example, if you have a powerwasher, you probably only use it once or twice per year. The rest of the time it sits in your garage. With Loanables, you can rent it out when you're not using it, saving the other guy money, and simultaneously helping you offset its cost.
Here's the dealbreaker: not enough people use it.
The closest item I could find to Kansas City was in Beaver Dam, Wisconsin. That's 556 miles from my house, according to Google Maps. Apparently some markets are well represented, like Austin, TX, Round Rock, TX, and yes, Beaver Dam.
I think it's a great idea, but unless the word gets out, and people start using it, it's doomed to fail. Craigslist could make this type of thing sing, if it just added a "For Rent" section.