They want toCan’t Afford The $100 For A Hair Extension Or A Weave? Detroit Company Now Offers Hair Weave Loans For Little As 7%

A Detroit company thinks they have come up with a sure fire money maker.

Domonique Jackson Brame and Fred Brame want to help women in Detroit finance a $100 hair weave.  We want to have their Weave Loan Store offer hair weave loans. Brame says, “We’ve innovated something that has come from right here in the city of Detroit.”

The Brames are attempting to capitalize on the $500 Billion market of hair care products aimed at African-American women.

The Brames deny they are preying on impoverished African-American women. They told Fox 2 News in Detroit, “People assumed that it was a certain type of criteria of customers. We have customers from all socioeconomic backgrounds, we have all races.” 

Fox2 asked Fred Brames if he felt giving hair weave loans to someone was predatory. Her responded:

“We have rates as low as 7% which is lower than some of your local credit unions. There’s nothing that balloons, nothing that’s exorbitant in rate at all. We even have a layaway plan for those that can’t afford, or don’t have the credit criteria”

Not everyone in the African-American community is happy with the business model of offering hair weave loans.

Tonya Garcia from thr website Madame Noire writes:

“You take a loan for a college education, for a house or a car. Not for hair…In the case of a weave, you’re paying for something that has ultimately no greater value than your own enjoyment or vanity.”

Tonya Garcia also expressed concern about the way the idea of hair weave loans is being handled:

“To be sure, if you have the means to afford something, you’re going to pull out your debit card or your credit card and make the purchase. You wouldn’t seek out a third party for financial help. In fact, that’s one of the things that raises a red flag for us about any system that promises to connect people with questionable financial histories with companies willing to work with them.

I can appreciate the Brames’ entrepreneurial spirit and I wish them a lot luck in their endeavor but at the end of the day, if a client can’t afford $100 for a hair extension should they really be financing one?”