Financing options for running your beauty salon are a lot like the color treatments you offer clients. A standard hair coloring might work for someone who doesn’t mind coming in every six weeks to retouch their roots. And a standard term loan might work for your spa if you don’t mind applying for financing every time you need more capital.
But the client who doesn’t have the time or money for regular appointments needs more flexibility. You may recommend a balayage or a lived-in color that looks natural without constant applications and touch-ups.
Busy salon owners need financing that offers the same kind of flexibility. The best business line of credit for your salon lets you draw from a set amount of capital as needed, pay interest only on the funds you use, and replenish your available credit as you repay the balance. There’s no need to reapply each time you need access to cash.
The Difference is in the Technique
A business line of credit can generally flex with your revenue cycle, but the right provider makes a big difference. Finding the best beauty salon business loan company for your needs means looking for one that understands the industry’s cash flow patterns and offers financing that aligns with your business goals.
The following five lenders offer business lines of credit that may be a good fit for beauty salons, whether you need to refresh your product inventory or manage a seasonal slowdown.
1. Bluevine: Straightforward and Predictable
Bluevine approves credit limits up to $250,000 for businesses with more than a year of operations and a good personal credit score. When you draw on the line of credit, Bluevine can often transfer funds within 24 hours. You’ll repay the withdrawn funds through fixed automatic payments and replenish your available credit in the process.1
Bluevine is a solid choice for any salon owner looking for a safe line of credit. You can quickly apply with no impact on your credit score and see what you qualify for before committing.1 And the fixed repayment schedule fits naturally with beauty salon business cycles. You can draw on available credit to cover slower months and repay the balance as revenue picks up.
With its trustworthy reputation and straightforward product, Bluevine’s credit lines are strong choices for beauty professionals who want predictable, simple access to capital.
2. Fundbox: Open to Newer Businesses
If you recently started your beauty salon or spa, consider Fundbox. This fintech lender can extend credit lines of up to $250,000 to borrowers with as little as three months in business, as long as they also have a good personal credit score and over $30,000 in annual revenue.2
Fundbox may also work for salon owners who need flexible repayment terms. After you withdraw funds, you can choose to make weekly payments for as little as three months or as long as two years.3 Fundbox shows the breakdown of each payment before you set your repayment plan, and doesn’t charge prepayment penalties if you pay off the loan early.2
With flexible repayment options and qualification requirements that may differ from those of traditional lenders, Fundbox can be an option worth considering for some beauty businesses.
3. OnDeck: Streamlined with a Personal Touch
OnDeck’s business lines of credit on par those of other top providers. Businesses with at least one year of operations, $100,000 in annual revenue, and a good personal credit score can qualify for up to $200,000. You only pay interest on what you withdraw, and OnDeck doesn’t charge any annual, maintenance, draw, or early payoff fees.4
OnDeck separates itself from the pack with its application and funding process. You apply through an online application, and a dedicated loan advisor walks you through your funding options. Once approved, you can secure funds that same day and receive capital within 30 minutes of a withdrawal. Your loan advisor remains your point of contact during the life of your credit line.4
By balancing speed with personal guidance in their funding process, OnDeck can be useful to salon and spa owners who want a direct point of contact and fintech lending timelines.
4. Cardiff: Built Around Cash Flow
Cardiff evaluates applicants using real-time cash flow data alongside other financial information rather than relying primarily on credit scores or years in business. This alternative underwriting approach may make its business lines of credit an option for some beauty businesses that don’t meet traditional bank lending criteria. Depending on eligibility, funding may be available as soon as the same day.5
Credit limits are based on Cardiff’s underwriting criteria, including cash flow and repayment history. As your business grows and demonstrates consistent financial performance, you may become eligible for additional financing over time.5
Cardiff offers business lines of credit with multiple repayment options, allowing borrowers to choose a structure that best fits their cash flow. Depending on the product, repayments may be made on a daily, weekly, or monthly schedule.5 This flexibility can be helpful for salons managing seasonal demand or fluctuating revenue.
For beauty salon owners looking for a business line of credit with alternative underwriting and flexible repayment options, Cardiff is one lender to consider.
5. BriteCap Financial: Innovative and Fast
If you want cutting-edge lending practices, same-day speed, or multiple credit line options through a single provider, then BriteCap Financial might be right for you.
BriteCap Financial competes with other fintech lenders through its two-minute application, which assesses overall business health and offers same-day funding.6 Its working capital products also feature a revolving business line of credit where you can draw funds as needed from a set credit limit that replenishes as you make repayments.7
But BriteCap Financial pushes the edge of working capital with its next-generation revolving line of credit, BriteLine. You can still access funds on demand, without new applications, with this product. But you unlock more capital based on your current business performance rather than repayments. BriteCap Financial quickly reviews your financials whenever you request additional funds.8
Accessing flexible capital through these two different methods can help salon owners with different financing needs. BriteCap Financial’s business line of credit can make sense for covering ongoing expenses, such as seasonal slowdowns or inventory costs.7 BriteLine allows beauty professionals to avoid overborrowing.8 You can always come back for more if you need additional funds for a marketing campaign or to cover an unexpected bill.
The Provider that Fits Your Style
Expert lenders each take slightly different approaches to the business lines of credit, just like experienced beauty professionals each have their own artistry. Finding the best loan company means matching the lender’s strengths to where your business is right now.
Whether you need Cardiff’s scalability, Bluevine’s simplicity, OnDeck’s personalization, BriteCap’s innovation, or Fundox’s accessibility, choose the provider whose business line of credit will support your beauty salon’s style for the long run. And without reapplying.
Infographic
1https://www.bluevine.com/business-loans/line-of-credit
2https://fundbox.com/
3https://help.fundbox.com/s/article/How-do-payments-work
4https://www.ondeck.com/business-line-of-credit
5https://cardiff.co/business-loans/products/line-of-credit/
6https://www.britecap.com/how-it-works
7https://www.britecap.com/products/working-capital
8https://www.britecap.com/products/working-capital/briteline