Recently there have been several popular hair weave companies that have started offering patrons the opportunity to finance their weave if they do not have enough money to purchase the hair outright. For example, there is a company that is offering customers the opportunity to finance their weave with a down payment as low as $25 depending on the customer’s credit.
The remaining amount is financed, the hair is shipped to the customer, and the customer makes the agreed monthly payments on time. These monthly installments can be divided into 3, 6, 9 or even 12 months. However, the payment must be made through a trusted payment processor such as PayPal.
There are usually no hidden charges with these agreements, but the interest rate can be as high as 30% depending on the customer’s credit. Although many people do not understand the point of such agreements, they allow customers to have the hair they want even if they do not have the cash for it.
Hair Weave Loans Is Not A New Concept
Another type of company has also appeared in the industry. This type of company does not sell human hair weaves, but they provide loans for customers who want to purchase hair.
Even though the concept may sound foreign, this is a system that has existed since biblical times. People received land, goods and even livestock on credit. However, there are some that argue that unlike a house or a car, purchasing hair weave is not considered a necessary purchase. You will also not be able to use the hair more than once.
On the other side, quality hair weave is not cheap. One bundle of hair can cost as much as $170. The average customer will need at least three packs of hair. The additional cost to install the hair can average anywhere from $100 to $300.
The additional side of this argument is that many women rely on hair weave to have a healthy self-esteem. Some would counter that by saying that these women should not feel as though they need to wear weave to have a healthy self-outlook.
There are also some hair extension suppliers, stylists and salon owners who are offering customers the chance to layaway hair weave.
They pay on the weave or wigs in small amounts until they have paid off the balance. In fact, there is a stylist who was interviewed in Chris Rock’s documentary “Good Hair” that stated she sells custom wig units for $1000. Customers can make layaway payments on the unit of their choice until it is paid off.
Unfortunately, the demand for this type of hair combined with a lack of funds has resulted in some people trying to obtain bundles of hair illegally. Stylists have reported “customers” stealing hair weave from them. This has resulted in many stylists changing their purchase policies.
Hair extensions are a very big business in communities all around the world. Although many think that financing makes it an affordable luxury for everyone, many disagree with the concept. As the hair weave industry continues to evolve, there will be more patrons considering financing.