STORE LOANS MONEY FOR HAIR WEAVES

The “Weave Loan Store” on West 8 Mile Road in Detroit will be open for business June 13. 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 because says many of his clients want hair extensions but can’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.” The going price for a weave these days, he said, ranges from $95 to $300 or more. 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.
* If you default, there’ll be hell toupee.
* Sure, go ahead. Borrow money from a guy that won’t tell you his name. Sounds great.
* Translation: Fred doesn’t want to use his last name ’cause he’s not filling out any of the paperwork you need to legally lend money.
* This is a hair-brained scheme.
* Fred thinks he’s a genius for dusting off the concept of “buying on the installment plan” from the 1920’s.
* There’s everything you want to know about our national debt right there. Let me explain.
* It says this is for people who couldn’t afford weaves before so how does charging it make them suddenly able to afford them now?
* The only difference is, this way, the weaves will end up costing even more due to interest.
* And that’s the attitude that got us 18 trillion in debt.