Weave Loan Store to open June 13.
By Raif Karerat
WASHINGTON, DC: Loans can be taken out for just about any commodity in today’s no-holds-barred market, and now, anyone around Detroit in need of an upgrade for their hairdo can take out a loan specifically to buy some hair.
The “Weave Loan Store†on W. 8 Mile Road in Detroit will be open for business June 13, according to CBS Detroit.
Detroit native salon co-owner Fred — who prefers not to use his last name — and his wife decided to start their unique business when they realized many of Fred’s salon clients wanted to purchase hair extensions but simply couldn’t afford them.
“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.â€
Fred told CBS his 7 to 8 percent interest rate is not exorbitant and that they will follow the regular collection process if someone defaults on a loan.
The Weave Loan Store, according to Fred, puts customers in contact with lenders who offer the loans. They insist that they’re just “providing options for customers to better afford weaves.†Fred wanted to make the following clear to Madame Noire:
“We’re going to treat our customers with respect. We’ll give them viable options; we won’t be exorbitant. Loans will be reasonable and attainable. We want them to know we’re sensitive to our demographic. We’re not going to disenfranchise our customers.â€