Hair salons in Los Angeles is big business. Obviously hair style and fashion are synonymous with Hollywood celebrities, and California just in general is usually the state for starting new trends. However, just like any business, hair salons need fast working capital and are unable to get approved or wait weeks or months to get funding the traditional route. We offer same day funding up to $25,000, and up to $2 million is 1 to 3 days for salons. Here’s our review of Hair Salon Loans Los Angeles Bad Credit Ok.
Why Use a Hair Salon Loans Los Angeles Bad Credit Ok
There’s almost a million hair salons in America, making it one of the biggest industries in the country. California has 8,112 hair salons, making it #1 in the country beating out NYC hair salons.
Los Angeles is making a big comeback from the pandemic and salon owners are wanting to expand their footprint, bring in new product lines and stylists, or increase brand awareness with social media advertising.
However, banks are not lending money like they used to. Less than 15% of businesses that apply for business loans actually get approved. That leaves out nearly 85% of businesses who desperately need fast working capital to increase their bottom-line. We offer two main salon loans, read further.
Overview of Our Beauty Salon Loans Los Angeles Bad Credit Ok
Our most popular business loan for salons and spas is actually a business cash advance. This is a type of loan where we look at your cash flow and revenue and base our decision on how much we can lend you.
It’s called the same day advance up to $25,000. You must have a business checking account, a FICO of at least 550, and a monthly revenue of at least $5,000 the last three months.
You only need to be in business for six months, and there is no collateral needed for this loan/advance, or for any of our loans. This is a great choice because you can literally apply in the morning and have the funds in your checking account by the evening, Monday thru Friday.
If you want to expedite the loan process make sure you have 3 months of bank statements ready that you can upload to the application, a voided business check and your driver’s license. Have all of these documents scanned and ready to upload.
We can lend you up to 75% of your monthly revenue if you do not have any negative bank days or other outstanding loans. So, if you do $10,000 a month with your salon you could probably get up to $7500. That could get you into a new lease or get you some serious traction with Facebook advertising.
Our next loan is up to $2 million in one to three days. You need to have a business checking account, a FICO of at least 500, and doing $15,000 per month with your salon or more. We can lend you up to two times your monthly revenue. Again, you shouldn’t have negative bank days or any outstanding loans.
Hair Salon Loans Los Angeles Rates and Repayment
The terms for our loans are 8 weeks to 24 months depending on the size and creditworthiness of your business. You can also draw on funds again and again and get better repayment rates and there’s no penalty to pay off earlier.
Like traditional Merchant Cash Advances, we use factor rates instead of interest rates and the range is from 1.19 to 1.60. So, if you borrow $10,000 and lock in a 1.19 rate, then you would pay back a total of $11,900.
How to Apply for Hair Salon Loans Los Angeles Bad Credit Ok
If this sounds like something you want to get going on asap, then click the apply here link below and fill out the five minute application, it won’t affect your credit score, and if you get pre-qualified you will see what the loan offer is. It’s your choice to accept it or decline it. Thank you for reading. I hope we can help you get the fastest salon loans in L.A!
Erik C. Johnson