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LOCATION & INDUSTRIES

Your Guide to Nail Salon Financing and Loans

  • Apply in under 2 minutes
  • Get funds as fast as 24 hours
  • Applying won’t impact your credit score
By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Did you know your nail salon is part of an industry that accounts for more than $4 billion in annual revenue, and it’s a sector that’s only projected to keep growing? In fact, according to the U.S. Bureau of Labor Statistics, employment of nail salon technicians is expected to increase faster than average, specifically 10% from 2018-2028. If you’re considering nail salon financing in an effort to keep up with business demands, keep reading to learn about your funding options.

Financing Your Nail Salon for Success

When it comes to your nail salon business, you’ll likely do whatever it takes to make sure it’s successful. Sometimes you can’t do it all on your own. We all need a little help from time to time, and in the business world, this help often takes the form of financing. Let’s look at a few reasons you might consider applying for a business loan for your nail salon.

Redesign Your Nail Salon

Is your salon a bit outdated? Are you slightly envious of your competitor’s sleek interiors and modern fixtures? Your business is established, but because you’ve been focusing on providing top service, perhaps you’ve neglected to update the nonessentials, such as your waiting area, decor, lighting or bathrooms. If you’d like to renovate your space and don’t quite have the funds to do so, consider which type of nail salon loan could help you reach your goal.

Offer New Services

Your gel, acrylic and dip powder services are very popular. You’d like to be able to offer your customers more treatments, though: waxing, facials and eyelash extensions. New services will require an initial investment as well as ongoing capital to order inventory and pay employees. These are all funds that you could secure with nail salon financing.

Open a New Location

You currently have one nail salon, and business has been going well. You know you can expand your clientele and increase your revenue if you could acquire another property. Whether you’re interested in leasing or buying a property, find the right funding to help your business succeed.

Buy Equipment

Need to upgrade your equipment or buy new tools and accessories? Don’t have the capital to do so? If this sounds like your predicament, nail salon equipment financing can help. Use funds you’re approved for to purchase items including:

  • Manicure tables
  • Nail drying lamps
  • Spa pedicure chairs
  • Nail polish racks
  • UV sterilizers
  • Cash register
Do you need a loan for your small business?

Best Nail Salon Financing and Loans

Let’s take a look at various nail salon financing and loan options that can help you continue to build your salon or spa so you can ensure your appointment book is always full.

Term Loans

Term loans are one financing option for nail salons and spas. Repayment terms vary from a few months to several years. Short-term loans, for instance, are designed to be repaid in fewer than 18 months and could be used for working capital, everyday business expenses, inventory purchases or advertising. Longer term loans may have repayment terms of 5 years, for example. Depending on your term loan lender, you could borrow up to $500,000, and funds can be used for almost anything.

SBA Loans

The U.S. Small Business Administration partners with lenders throughout the country to guarantee loans for small business owners, including salon owners. SBA loans offer some of the most competitive interest rates and repayment terms, 5-25 years depending on the loan type and use of funds. Additionally, because the SBA guarantees a portion of each loan, up to 85% in some cases, lenders are more open to approving borrowers who might have otherwise been denied for conventional bank loans.

Lines of Credit

If you’ve ever had a credit card, you’re already familiar with how lines of credit work. A lender approves you for a certain credit limit. Once approved, you can access the funds any time, or not use them at all. You’re only charged interest on the amount you borrow. Additionally, in most cases, once you pay down your debt, your credit line is restored. Use funds from your line of credit to pay for unexpected bills or emergency repairs. Or access your credit line if you’re having a slow month and need help paying your lease or utilities.

Equipment Financing

Consider nail salon equipment financing whether you need gear for your back office or your salon floor. This type of funding can be used for purchases or leases, and in some cases you can finance up to 100% of the value. Typically, with equipment loans, the item you’re purchasing serves as collateral for your loan. In other words, the equipment secures the loan, so if you default on your payments, the lender can seize the item so they’re not at a loss.

Merchant Cash Advances

If you need fast access to funds and your credit score is in the low 500s, consider a merchant cash advance. This type of financing provides borrowers with an advance of funds based on their business’s expected revenue and cash flow. Repayments are made daily or weekly, and are often fixed. Repayment often ranges between 3-18 months.

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Where to Find Nail Salon Loans

A bank might be the first place you think of when researching nail salon financing. Conventional banks and credit unions advertise competitive rates and repayment terms. The downside? The process can be lengthy and requirements tough to meet. You could be required to submit a significant amount of paperwork, such as profit-and-loss statements, tax returns, a business plan and bank statements.

In contrast, alternative lenders tout quick applications and fast access to funding. Additionally, alternative lenders often offer financing to borrowers with credit scores that banks might reject. For this benefit of speed and ease, you’ll likely pay a higher interest rate and have shorter repayment terms. Because repayment windows are shorter than with conventional banks, though, you could wind up paying less in interest costs over the life of the loan.

Estimate terms for every type of financing

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $200,000+
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    Credit Score 560+

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $200,000+
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    Credit Score 600+

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $75,000+
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    Credit Score 540+

Loan qualifications

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    Time in Business 2+ Years
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    Annual Revenue $160,000+
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    Credit Score 620+

Loan qualifications

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    Time in Business 1+ Year
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    Annual Revenue $150,000+
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    Credit Score 600+

Loan qualifications

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    Time in Business 4+ Months
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    Annual Revenue $100,000+
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    Credit Score 500+

Loan qualifications

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    Time in Business 2+ Years
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    Annual Revenue $50,000+
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    Credit Score 650+

Loan qualifications

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    Time in Business 1+ Years
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    Annual Revenue $75,000+
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    Credit Score 540+

How much do you need?

Estimated Interest Rate

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    This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

    Payments

      Total Repayment:
      Cost of Loan:
      This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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      This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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        This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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          This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

          How much do you need?

          Estimated Factor Rate

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          This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

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          Estimated Interest Rate

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          Loan Term

          Payments

            Total Repayment:
            Cost of Loan:
            This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

            How much do you need?

            Estimated Interest Rate

            %

            Loan Term

            Payments

            Total Repayment:
            Cost of Loan:
            This is an estimation tool that provides a range of possibilities depending on creditworthiness and terms selected. Terms can be adjusted to increase or decrease your payment. To see all our loan calculators click here.

            What You Need to Apply for Nail Salon Financing

            While requirements vary by lender, with Fast Capital 360, you just need to meet the following qualifications to apply:

            Minimum Requirements:

            • Cake icon Time in Business 4 months
            • Chart icon Annual Revenue $100,000
            • Speedometer icon FICO Score 500 +

            What You Need to Provide

            • Basic information about yourself and your nail salon
            • 4 most recent monthly bank statements

            Apply with Fast Capital 360

            Are you ready to apply for a nail salon loan? Do you need funding fast? If so, you’ll appreciate these benefits:

            icon-time

            Save Time

            In about the time it takes for your clients’ nails to dry, you could finish your application. Plus with one application, you’ll have applied to our entire network of lending partners.

            icon-offers

            Get Multiple Loan Offers

            Because we work with lenders throughout the country, you could have several preapproval offers to consider — all within 24 hours.

            icon-expert-advice

            Obtain Expert Advice

            Getting capital for your business doesn’t have to be challenging. Our expert advisors are here to help you through the process. They’ll provide you with your financing options and explain the terms so you can make a funding decision that’s right for your business.

            One application. Multiple loan offers.

            Quickly compare loan offers from multiple lenders without impacting your credit score.

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