Frequently Asked Questions about Spa and Beauty Salons Loans
How do I choose the best option for my spa business?
Before deciding upon a loan type, the main questions the borrower needs to ask are how quickly they need to gain capital, what is the purpose of the loan, what loan structure they can reasonably afford and repay, how much time they need the loan for, and how much capital they need.
Can businesses with little or no operating history get loans?
While a lot of lenders do require a certain level of operating history, it is still possible to get loans even as a new business. That said though, these loans are likely to be expensive. It might be a better alternative to borrow from friends and family, dig into your personal savings or use other such means to get the business up and running before tapping commercial debt finance.
How long does it take to get a loan for a salon business?
The wait times for your spa or salon business loan will depend on the lender. Banks should take anywhere from one week to two months. Online lenders will take one day to a few weeks.
MCAs are usually provided the fastest, while term loans and lines of credit take longer to process.
Can I get a business loan for a salon or spa with bad credit?
Yes, you can. There are business lenders who specifically service business borrowers with low credit scores. Some lenders provide loans to business owners with both high and low credit scores.
Keep in mind that bad credit will cause your application to be rejected by many lenders, especially banks. You can also expect worse terms and interest rates on any loans you take out. However, you will almost always have access to at least a few business loans.