DETROIT (WWJ) – There are loans for a car, a house and now — in Detroit — those lacking in locks can apply for a loan to buy some hair.
The “Weave Loan Store” on W. 8 Mile Road in Detroit will be open for business June 13.READ MORE: Stimulus Check Latest: Is A Fourth Relief Payment Coming?
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?READ MORE: Michigan Matters: Champions for Mental Health Awareness Take Center Stage
“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.”
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.MORE NEWS: Unemployment In Michigan: 30,816 New Jobless Claims Filed Last Week
To those who might criticize the idea of offering loans for hair weaves, Fred says: “Just like anyone goes in with their credit card to purchase, let’s say, food at their favorite restaurant, or, you know, an item of merchandise at any one of their desired retailers … it’s nothing different.”