The Best Loan Options For Beauty &amp; Nail Salon Small Businesses &amp; Startups

If you need funds to purchase salon or nail spa equipment, look no further than Lendio. Lendio offers equipment financing of up to $5 million through its lending partners. Rates start at 7.5% with repayment terms up to five years for qualified borrowers. With one application, you can receive multiple offers, so you can choose the one that works best for your business.

Lendio also offers additional types of financing for your salon. This includes Small Business Association loans, business lines of credit, credit cards, and short-term loans. Borrower requirements vary by financial product, but Lendio helps connect you with lenders even if you have less-than-perfect credit, a short time in business, or lower annual revenues.

Pros

Multiple types of financing available
Quick & easy application
High borrowing limits
Quick prequalification

Cons

Rates can be expensive

Get Started With Lendio

2. Fundbox: Best For Supplies & Inventory

Fundbox

When it’s time to restock your supplies and inventory, a flexible line of credit is a convenient way to get your hands on fast funds. One lender that specializes in business lines of credit is Fundbox, which provides you with up to $150,000 to purchase supplies, inventory, or cover other business expenses.

Qualifying for a Fundbox line of credit is pretty easy. All you need is a credit score of at least 600, at least $100,000 in annual revenue, and have been in business for at least six months. If you qualify, you can make immediate draws and have cash in your bank account as quickly as the next business day. If you prefer a lump sum of cash, Fundbox now also offers a term loan for qualified borrowers.

Pros

Low credit score requirements
Quick & easy application
Fast disbursements

Cons

Rates can be expensive
Short repayment terms

Get Started With Fundbox

3. Chase Ink Business Cash: Best For Emergency Business Funding

Chase Ink Business Cash

Chase Ink Business Cash Visit Site	Annual Fee: $0 Purchase APR: 13.24% - 19.24% (variable)
Required Credit: Good Welcome Offer: $750 cash back if you spend at least $7,500 in the first three months of opening your account Intro Purchase APR: 0% for the first 12 months Intro Balance Transfer APR: N/A Foreign Transaction Fee: 3% Rewards: 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone purchases each account anniversary year 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year 1% cash back on all other purchases Featured Benefit: Employee cards at no additional cost More card details (click to expand) Hide

Chase Ink Business Cash

More card details (click to expand)

Annual Fee:

Purchase APR:

13.24% - 19.24% (variable)

Required Credit: Good

Welcome Offer: $750 cash back if you spend at least $7,500 in the first three months of opening your account

Intro Purchase APR: 0% for the first 12 months

Intro Balance Transfer APR: N/A

Foreign Transaction Fee: 3%

Rewards:

5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone purchases each account anniversary year
2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
1% cash back on all other purchases

Featured Benefit:

Employee cards at no additional cost

Hide

Instead of scrambling for cash when an emergency arises, reach for a business credit card, like Chase Ink Business Cash. This card comes with no annual fee and variable interest rates of 14.74% to 20.74%.

Chase Ink Business Cash also has one of the best welcome offers on the market, giving you $500 cash back if you spend $3,000 within the first three months of opening the card. After that, you can receive up to 5% cash back on eligible purchases, which can really stack up if you use your card regularly.

Pros

Excellent rewards program
No annual fee
Competitive APR

Cons

Must have good to excellent credit to qualify

Get Started With Chase Ink Business Cash

4. SmartBiz: Best For Purchasing A Salon

SmartBiz

Get Started With SmartBiz

For a big purchase like buying a salon, you want to find a low-interest, long-term loan that doesn’t break the bank. One great option to consider is an SBA loan, and SmartBiz can help you navigate through the challenges of the SBA loan application process.

Through SmartBiz, you may qualify for loans up to $5 million with interest rates starting at just 4.75%. Repayment terms are set over 10 or 25 years, allowing you to slowly pay off that big purchase over time. SmartBiz can also help you acquire a bank term loan up to $500,000 with rates starting at 6.99%.

Pros

Low rates & fees
High borrowing limits
Repayment terms up to 25 years

Cons

Slow application process

5. Credibly: Best For Marketing & Advertising

Credibly

Get Started With Credibly

For marketing and advertising expenses, check out the funding offered by Credibly. There are a number of options available, including working capital loans and merchant cash advances up to $400,000 with repayment terms up to 18 months.

Need a higher borrowing limit? Credibly can hook you up with up to $5 million in financing through various lending programs, including SBA loans. Depending on the type of loan you pursue, you can get approved in as little as 24 hours with fast deposits to your bank account to give you access to cash when you need it.

Pros

Low credit score requirements
Quick & easy application
Multiple types of financing available

Cons

Rates can be expensive
Some additional fees

6. National Business Capital: Best For Startup Costs

National Business Capital

Get Started With National Business Capital

National Business Capital simplifies the process of finding a loan for your startup costs. National Business Capital helps connect you with over 75 lenders that offer a variety of financing options, including term loans, lines of credit, SBA loans, equipment loans, and more.

Even if you’re a new business, National Business Capital can help get you funded. Borrowing requirements are just three months in business and $120,000 in annual revenue. There are no minimum credit requirements, as National Business Capital works with all credit profiles.

Pros

High borrowing limits
Financing is available for qualified startups
Low credit score requirements

Cons

Rates can be expensive

7. LoanBuilder: Best For Bad Credit

LoanBuilder

Get Started With LoanBuilder

Have credit challenges? LoanBuilder is one lending option that may work out for you. LoanBuilder requires a credit score of just 620, at least nine months in business, and $42,000 in annual revenue.

If you qualify, you may receive as much as $500,000 to be repaid over terms up to 52 weeks. Like many other short-term lenders, weekly repayments are required, but LoanBuilder’s one-time fee, easy application, and fast disbursements may be well worth it to your business.

Pros

Low credit score requirements
Quick & easy application
Fast disbursements

Cons

Short-term financing
Not available to some industries

8. OnDeck: Best For Hiring & Training

OnDeck

If you’re ready to hire and train new stylists or nail technicians but don’t have the capital to do so, OnDeck may be able to help. Through OnDeck, you can apply for a term loan of up to $250,000 or a flexible line of credit up to $100,000.

It’s pretty easy to qualify with OnDeck. All you need is a minimum credit score of 600, annual revenue of $100,000, and a business that’s been in operations for at least one year. While you won’t get rates as low as bank loans or SBA loans, you will get fast funding and rates that are as good as — or better — than other short-term lenders on the market.

Pros

Low credit score requirements
Quick & easy application
Fast disbursements

Cons

Not available in all states
Rates can be expensive

Get Started With OnDeck