Salon Financing
mCashAdvance™ salon loans help salon owners get the funding they need to thrive. Apply now with zero obligation, zero fees, and zero impact on your credit score.
Loan Options Available At mCashAdvance™ For Salon Related Businesses
The type of mCashAdvance™ salon financial product you choose will depend on how much funding you require, for how long, and for what purpose.
Salon Merchant
Cash Advances
You can borrow money against credit card sales of customers who visit your salon and pay with credit cards for your salon services.
Salon Lines
of Credit
With a salon line of credit, you can finance your salon without going through a bank. It is possible for your salon to borrow money against its future earnings.
Salon Equipment
Financing
Equipment financing can be used to upgrade or buy new salon equipment.
Salon Property Loans
Using a salon property loan, you can purchase a salon and use that property as collateral to secure the loan.
Salon Inventory Loans
You can use salon inventory financing to buy inventory or to develop a new line of salon products.
Salon Renovation Loans
Your salon can be renovated or expanded to accommodate new customers or look more professional with a salon renovation loan.
Compare Salon Lenders
| mCashadvance | BFS Capital | Kabbage | OnDeck | |
|---|---|---|---|---|
| Minimum Credit Score | None | 600+ | 640 | 625+ |
| Minimum Time in Business | 6 Months | 1 year | 1 year | 1 year |
| Early Repayment Fees | No | Yes | Yes | Yes |
| Application Processing | Instant | 1 Day | 1 Day | 1 Day |
| Releasing Money | 1 Day | 2-5 Day | 2-5 Day | 2-5 Day |
| Loan Amount | $5,000 to $950,000 | $5,000 to $500,000 | $2,000 to $250,000 | $5,000 to $250,000 |
| Minimum Monthly Revenue | $10,000 | $10,000 | $3,000 | $8,333 |
Salon Funding Explained
Overview
A salon loan is a type of financial product specifically designed for businesses operating in the salon industry. Because this financial product is customized to take into account the business circumstances of the average salon, they are easier to obtain than financing from traditional lenders such as banks.
So far, mCashAdvance™ has provided funding to over 6,000 salons. Many of the salons funded by mCashAdvance™ had struggled to secure bank loans and financing from alternative lenders.
Types Of Salons We Finance At mCashAdvance™
Salon loans are suitable for salon business owners and salon franchisees who need quick access to cash and quick loan funding.
mCashAdvance™ offers financing to a whole range of different salon types including:
- hair salon financing.
- beauty business loans.
- nail business loans.
- tanning salon financing.
- massage business working capital loans.
- wellness spa business loans.
- spa business loans.
How to Qualify
It is easy to qualify for a salon loan through mCashAdvance™ because we are more flexible lending underwriting criteria than traditional lenders.
To qualify for mCashAdvance™ financing, you must meet the following requirements:
- Be a U.S. citizen or permanent resident.
- The minimum age requirement is 18 years of age.
- The salon has been in business for at least six months.
- No minimum credit score required.
Common Uses
mCashAdvance™ Loans can be used for just about anything related to running a salon. They include things like purchasing commercial real property, buying new equipment, funding payroll, providing working cash flow, or almost any other type of business-related need.
The most common uses of the funds are:
- Purchase Real-estate: Use the funding to buy salon properties or a new salon location.
- Growth plans: Use the money to introduce new services, offer rewards, train staff on upselling, and more.
- Salon Working Capital: Use the funds to cover day to day business expenses.
- Purchase Salon Inventory: Purchase hair care, beauty, and skin care products for your salon with the funds.
- Pay Monthly Salon Expenses: Pay utility bills, rent and other monthly expenses.
- Hire Salon Employees: You may use the funds to hire or train salon staff
- Finance Salon Equipment: Funds can be used to invest in new or upgraded salon equipment to remain competitive
- Marketing: You can use the funds to promote your salon and buy marketing materials
How to Apply for a Loan for Your Salon
There are three simple steps to get a mCashAdvance™ salon financing
Step 1
Complete an online application in a few minutes.
Step 2
Get your salon funded in 24 hours or less.
Step 3
Get flexible repayment terms that work for your salon.
mCashAdvance™ Funding Details
The final loan terms and repayment schedule will be determined by an underwriter at mCashAdvance™. The following details are representative figures.
- Borrow a minimum of $5,000 and a maximum of $500,000 for your salon.
- Salon industry interest rates range from 6% to 20%.
- The repayment schedule for salons ranges from 3 to 36 months.
- Get your salon loan pre-approved in less than 2 minutes.
- Get your salon funded in as little as 48 hours.
- Salons do not require collateral to secure financing.
- There is no origination fee.
- A business line of credit is the most common salon loan funded by mCashAdvance™.
- mCashAdvance™ has provided funding to over 6,000 salons.
Why Choose mCashAdvance™
Direct Lender
Unlike other lenders, mCashAdvance™ is a direct lender. This means we fund your loan with our own money. This means you never have to deal with lenders that cannot finance your loan request.
No Collateral Requirements
To qualify for a loan, most lenders require collateral, which means you will have to put assets at risk. With mCashAdvance™, you do not have to put any assets at risk.
Simple Loan Application Process
mCashAdvance™ loan application takes approximately four minutes to complete. The process is simple. You answer some questions about your business, like how long it’s been around and how much money it makes.
Minimal Documentation
The documentation requirements of many lenders are extensive and are required to support your loan application. With mCashAdvance™, you do not have to provide a lot of business documentation, such as tax returns and other business records. We only require 3 months of bank statements.
Flexible Loan Terms
mCashAdvance™ offers flexible repayment terms. You can choose the length of time you would like to repay your loan over.
No Minimum Credit Requirements
Many lenders use personal credit score requirements to assess if a borrower is eligible for a business loan. mCashAdvance™ does not factor your credit score into our decision to fund your salon business. Eligibility is based solely on the viability of the business to repay the loan over time.
No Origination Fees
Since mCashAdvance™ funds its loans, we do not charge any origination fees or closing fees. We never refer your application to third parties.
Experienced Alternative Lender
mCashAdvance™ has provided US-based businesses with almost three hundred million dollars in funding, unlike other online lenders who must find the funds to approve your loan from third parties.
FAQ’s
Banks do lend money to salons in the USA with a positive financial history and a long history of operation. A bank will require collateral and personal guarantees if the loan amount is large.
Applying for a loan with mCashAdvance™ takes approximately five minutes. Upon approval, you should receive the funds within 24 to 72 hours.
Borrowers must be over 18 years of Age. The business must be a US based business and operational for at least six months.
Does Your Business Need Funding Today?
There’s no fee or obligation, and it won’t impact your credit.
$5,000 – $1,000,000
Talk to a rep at (855) 433-8641
Mon – Fri | 9:00am – 8:00pm