Forget payday loans to pay delinquent utility bills or car payments, now you can get the rapid cash style loans to purchase your next weave!
A new Detroit business promises loans for those lacking the dough to lock in their new locks..
The “Weave Loan Store” on W. 8 Mile Road in Detroit will be open for business June 13. Detroit native salon co-owner Fred — who prefers not to use his last name — and his wife came up with the idea to offer a line of credit to buy weaves after he says many of his clients wanted hair extensions but couldn’t afford them. “So, it was born out of a need to give our customers options as it relates to their hair extension purchase,” Fred told WWJ Newsradio 950’s Stephanie Davis.
How will it work?
“Much like a credit card, where you have a line of credit,” Fred explained. “With your line of credit you’d actually be able to purchase the hair extensions in store. Or, with some of our customers with qualifying credit, they’d actually receive monies to be able shop for their desired hair extensions wherever they like.” h/t detroit.cbslocal
The going price for a weave these days, he said, ranges from $95 to $300 or more — depending on the type of hair. Fred said his 7 to 8 percent interest rate is reasonable and they will follow the regular collection process if someone defaults on the loan.