No credit, no problem: Detroit store has loans for hair weaves

You can get a loan for a new car, a house,  but how about a weave?

Meet Domonique Jackson Brame and her husband Fred.

"We've innovated something that has come from right here in the city of Detroit," Fred said.

The couple is behind the Weave Loan Store and the novel idea of financing hair extensions.

"A lot of times women would come to me actually crying," said Domonique. "Saying they could not afford hair. I would give them bundles of hair away and my husband said, that's not a good business model."

But financing is - especially when a bundle of hair can cost about $100 and women often buy two or four at a time.

"It was born out of a wonderful place of just innovating on an industry that is basically they say, nearly half a trillion dollars," Fred said.

But some believe they're preying on the impoverished - black women in particular. 

"People assumed that it was a certain type of criteria of customers," Domonique said. "We have customers from all socioeconomic backgrounds, we have all races." 

FOX 2: "What do you say to people who would make the argument this is predatory lending?"

"We have rates as low as 7 percent which is lower than some of your local credit unions," Fred said. "There's nothing that balloons, nothing that's exorbitant in rate at all."

Just, they say, high quality hair extensions now available to all.

"We even have a layaway plan for those that can't afford, or don't have the credit criteria," Fred said.  "We even have those who just want to come in and they don't need a loan, they just want to buy retail."

The company said they can take legal action against non-paying customers, but is willing to work with everyone.

The Weave Loan Store will have it's grand opening Saturday at noon at 21621 West 8 Mile in Detroit. 
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