I've heard that the microsoft tag system is free to manage, though I have no experience working with it. However, a quick look at their site (I've never actually worked with it), and I wonder if it would be flexible enough to adapt to something that isn't simply a marketing campaign.
In theory, you'd probably just have them scan a code for the tool they're taking out, take them to a web page that asks them to fill in a user ID (and maybe a radio button for checking in or checking out), and then submit that. So it saves the tool ID, the check-in/out status, and the user ID to a server. It would take a small amount of back-end setup, but nothing too onerous.
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