Salon Loans and Financing up to $500,000
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.
What is a Salon Loan
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.
What Are They Used For
These types of loans are suitable for salon business owners and salon franchisees who need quick access to cash and quick loan funding.
mCashAdvance™ offers different types of funds to different types of salons 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
Types of mCashAdvance™ Salon Financing
The type of mCashAdvance™ salon financial product you choose will depend on how much funding you require, for how long, and for what purpose.
The main kinds of loans for salons are:
1. Unsecured Loans for Salons
Unsecured loans for salons do not require the salon business owner to provide collateral to qualify for a loan. This makes it much easier for salons to secure the funding they need than they would if they were trying to borrow from traditional lenders like banks who usually require collateral.
2. Short-term Loans for Salons
Short-term business loans for salons typically last between 6 months and 1 year. The money from these loans is used to cover expenses such as payroll, equipment purchases, inventory, and other operating costs.
3. Lines of Credit for Salons
A salon line of credit can be a great way to finance your business without having to take out a loan or go through a bank. It allows you to borrow money against the future income generated by your salon.
4. Merchant Cash Advances for Salons
If you are looking for a way to finance your salon business, then this type of loan may be right for you. This type of financing allows you to borrow money against future credit card sales at a low interest rate.
How to Qualify for Salon Financing
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
What Can Salon Financing be used for
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: The funds can be used to purchase the primary salon location or to purchase a new location
- Refinance Real-estate: You may also refinance your current real estate location with the funds
- Business Expansion: Salon owners can use the loan funds to expand their businesses
- Growth plans: The funds can be used to introduce new services, to offer reward programs, to train staff in upselling, and other growth strategies
- Salon Working Capital: Funds can be used to help a salon function on a day-to-day basis
- Purchase Salon Inventory: Funds can be used to purchase hair care, beauty, and skin care products for your salon
- Pay Monthly Salon Expenses: If cash flow drops temporarily, funds can be used to pay utility bills 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
The mCashAdvance™ loan process and approval process is as simple as one, two, three.
Complete your online application in just a few minutes.
Get the funding you need for your salon in 24 hours or less.
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
- Interest rates between 6% and 20% for the salon industry
- Repayment schedule between 3 months and 36 months for salons
- Get your salon pre-approved in less than 2 minutes
- Get your salon funded in as little as 48 hours
- No collateral required for businesses in the salon industry
- No origination fees
- Most common salon loan funded by mCashAdvance™ is a business line of credit
- mCashAdvance™ funded over 6,000 salons
Why Choose mCashAdvance™
Unlike alternative lenders who are merely brokers, mCashAdvance™ funds your loan with our own money and you do not have to deal with alternative lenders that do not have the authority to finance your loan request.
No Collateral Requirements
To qualify for a loan, most lenders require collateral, which means you will have to put assets on the line. With mCashAdvance™, you do not have to put anything on the line.
Simple Loan Application Process
mCashAdvance’s™ loan application form takes about 4 minutes to fill out. We ask you a few simple questions like length of time in business, recent business revenue and your borrowing requirements.
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™ allows you to select the period of time over which you would like to repay your loan over so you have flexible repayment terms.
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.
Don’t Allow a Lack of Funding
to Hold your Business Back
It’s Time To Move Your Business Forward!