There are almost a million salons in America. The salon industry is big business, accounting for $49 Billion in annual revenue each year. However, the average salary of a salon owner is only $39,580 nationwide. So, if you own a salon and an unexpected financial emergency arises, you don’t have a lot of working capital to get you through. We now offer up to $5000 in working capital within minutes. Here are our instant loans for beauty salons.
Why Instant Loans for Beauty Salons
We have been in the business of providing the fastest working capital online since 2015. We now offer the first fully automated loan programs online, where you can get up to $5,000 in less than 8 minutes.
The loan application is 100% online and instead of underwriters analyzing your financial data, we use algorithms to connect you to the funds immediately if you meet the requirements.
Since the loan process is 100% automated and online, you can access funds 24/7 365 days a year. If something breaks on you, you can apply for funds at midnight on a Saturday if you need to.
These are like salon merchant advances, but you only need a personal checking, whereas before you needed a business checking account.
Quick Overview of Our Instant Salon Loans
Our new instant self-employed business loans are just that – they provide instant working capital to over 10 million people in the U.S. who are self-employed, and to the 53 Million in the U.S. who are independent contractors.
The requirements are straightforward: your salon must be doing at least $3,000 per month, have been in business for at least 3 months, and must be making four deposits a month in business revenue, which is really easy to do for a salon since clients patron everyday.
Other factors we look at: can’t have more than 3 negative bank days in a month, must have steady revenue, and cannot have several outstanding loans or any other behavior that signals poor business practices. A lot of it is common sense best business practices. Of course, no fraudulent behavior is tolerated.
How Can You Use the Instant Salon Loan?
The two most common reasons to use a salon loan is to fix equipment or buy supplies, and expand business. You can use the funds for anything business related and we won’t need verification of where the money goes like you would at a bank.
Ideally, you use the money to keep operations flowing smoothly, and you can also use the money to get word out about your salon. Many salon owners use part of the funds to do social media advertising. Facebook is still very powerful in targeting your ideal clientele in the area or nationally.
Beauty Salon Business Loan Rates
Here are the rates and repayment for instant loans for beauty salon. You have 8 to 10 weeks to pay back the advance, and up to 16 weeks for additional loans. The factor rate is 1.20 to 1.60 depending on the term and your financial health.
There is no collateral required and your FICO score does not factor in our decision to loan you money. We are solely looking at your business revenue and the stability of that income, because we are basically advancing you that money based on your future revenue.
How to Apply for Instant Business Loans for Beauty Salons
Again, the money is there 24/7 if you are in a bind. Simply click the apply now underneath this article and apply. This will not affect your credit and if you qualify you will be able to see the pre-approval amount and can either approve or decline the offer. You will connect your bank automatically to get verified. Sorry this is not available in California or New York right now, although that could always change.
However, if you have a business checking account and doing over $5,000 or $15,000 per month you can apply for our other two programs. We use one application for all 3 programs, so just apply below and good luck!