As the city of Detroit struggles to recover from bankruptcy after years of Democrat control, an enterprising resident has come up with an unusual business idea to serve his community.Hair weave loans. Seriously.
As reported by CBS Detroit, the “Weave Loan Store” will open in Detroit 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.
Fred explains that the loans will work much like a credit card, allowing customers to purchase hair extensions – which range from $95 to $300 or more – in his store. Qualified customers can even receive money to shop for extensions wherever they choose.
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.Fred defends the idea of offering loans on hair by equating it so other common credit card purchases: “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.”
It just proves the power of capitalism, ingenuity and free enterprise in our nation. Of course President Obama would say of both the business owner and his hair weave customers, “you didn’t GROW that.”