A $10K business loan could be all you need to take your business to the next level. Find out which option is right for you.
Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
WRITTEN & RESEARCHED BY
Erica SeppalaErica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
Editor & Senior Staff Writer
UPDATED
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Whether you need new equipment, working capital, or funding for an emergency expense, a $10,000 loan can provide the cash infusion your business needs.
If you’re unsure of how to get a $10,000 loan, you’re in the right place. Start your search with this list of the top lenders of $10K business loans.
The best lenders for $10,000 business loans offer fast application processes, minimal borrowing requirements, and competitive rates and terms. From short-term loans to flexible lines of credit, you’ll find what you need with these top lenders, including Lendio, Fundbox, OnDeck, LoanBuilder, Credibly, Fora Financial, and Breakout Capital.
Why We Chose Fundbox For Best $10K Small Business Loans
Fundbox makes it easy to secure a revolving line of credit for your business. The application process is simple, and you can find out if you’re approved in as little as three minutes. Once approved, you can have funds in your account as quickly as the next business day.
Fundbox’s relaxed borrowing requirements make it so that new businesses that have been in operation for at least six months and applicants with low credit scores may qualify. Like other lines of credit, you only pay for the funds you use. No prepayment penalties, excellent customer support, and a mobile app for getting funds on the go round out the reasons why Fundbox made our list.
Fundbox Services
Fundbox offers business lines of credit from $1,000 to $150,000.
Fundbox Rates & Fees
Repayment terms are 12 or 24 weeks. Fundbox charges a one-time borrowing fee starting at 4.66% for 12-week terms and 8.99% for 24-week terms.
Borrowers may be eligible to upgrade to Fundbox Plus, which extends terms to 52 weeks and offers a 20% discount on borrowing fees.
Fundbox Eligibility Requirements
Borrowers that meet these minimum requirements may qualify for a Fundbox line of credit:
Why We Chose OnDeck For Best $10K Small Business Loans
Businesses looking for fast funding will like what OnDeck has to offer. The application process for an OnDeck loan or line of credit takes just minutes, and funding is almost as fast. For lines of credit, instant funding is available 24/7. For term loans, you can be funded as fast as the same day your loan is approved.
Payments are reported to the credit bureaus, so you can easily build your business credit with OnDeck. Credit-challenged borrowers and new businesses will find it easy to meet OnDeck’s borrowing requirements. Excellent customer service and a good public reputation among its customers make OnDeck a solid choice for a $10,000 small business loan.
OnDeck Services
OnDeck offers the following small business funding options:
Lines of credit from $6,000 to $100,000
Term loans from $5,000 to $250,000
OnDeck Rates & Fees
Rates and terms vary based on which OnDeck product you select.
Term loans are repaid on a daily or weekly schedule for up to 24 months. APRs range from 29.9% to 97.3%. The average APR for an OnDeck term loan is 62.1%. An origination fee of up to 5% is deducted from your loan.
Lines of credit are repaid on a weekly basis with maximum terms of 12 months. APRs range from 29.9% to 65.9% The average APR for an OnDeck line of credit is 48.9%. There are no origination fees or draw fees, but most borrowers will have to pay a $20/month maintenance fee.
OnDeck Eligibility Requirements
To qualify for OnDeck’s term loans and lines of credit, you must meet these minimum requirements:
Why We Chose Fora Financial For Best $10K Small Business Loans
Borrowers that have trouble getting funded elsewhere may have success with Fora Financial. Fora Financial approves applicants with credit scores as low as 500 for its short-term small business loans and Revenue Advance products.
Fora Financial gives a decision on your application within 24 hours and funds your loan within 72 hours. Another highlight of Fora Financial is its customer support, which customers say is honest, transparent, and responsive.
Fora Financial Services
Fora Financial offers two financial products for small businesses:
Repayment terms for Fora’s short-term loans and MCAs are 4-15 months. The borrowing fee for either product is 10% to 30% of the borrowing amount. An origination fee of 1% to 4% applies. MCAs are repaid daily, while Fora’s short-term loans also typically require daily payments.
There are early repayment discounts available for Fora Financial’s short-term loans.
Fora Financial Eligibility Requirements
Fora Financial has relaxed borrowing requirements, including:
Why We Chose Credibly For Best $10K Small Business Loans
Bad-credit borrowers that need business funding take note: Credibly can get you funded with credit scores as low as 500. New business owners may also qualify provided they’ve been in operation for at least six months.
In addition to its low borrowing requirements, Credibly has excellent customer service, an easy application, and fast funding options.
Credibly Services
Several funding options are available through Credibly, including:
Why We Chose Breakout Capital For Best $10K Small Business Loans
Breakout Capital has a unique short-term loan that functions like a business line of credit. The advantages of this product are flexible repayment terms — daily, weekly, or monthly — and up to 24 months to repay your loan.
If you’re interested in long-term options or higher borrowing amounts in the future, Breakout Capital can also help you secure an SBA loan with repayment terms up to 10 years. If these options don’t work out, Breakout Capital can assist in finding the right funding for your business, whether it’s a merchant cash advance or asset-based loans.
Breakout Capital Services
Breakout Capital offers the following:
Short-term business loans up to $1 million
SBA loans up to $350,000
Breakout Capital can also help you connect with other funding options.
Breakout Capital Rates & Fees
Breakout Capital’s business loans have rates that start at 1.25% per month. Repayment terms for these loans are up to 24 months. An origination fee of 1% to 5% applies. There are no hidden costs or fees. Early payment rebates are available.
Rates and fees for other financial products vary.
Breakout Capital Eligibility Requirements
To qualify for a Breakout Capital business loan, you must meet these requirements:
Minimum credit score of 600
At least 12 months in business
At least $10,000/month in revenue
SBA loans and other funding options may have additional requirements.
Why We Chose LoanBuilder For Best $10K Small Business Loans
Most lenders only work with businesses that have been in operation for at least two years, but LoanBuilder is an exception. If you’ve been in business for at least nine months and meet a few other requirements, you could qualify for a LoanBuilder short-term loan.
LoanBuilder is a great source for fast funding, as many businesses receive funds the next business day following loan approval. There are no origination fees, and the single-fee pricing structure makes it easy to understand the total cost of borrowing.
LoanBuilder Services
LoanBuilder provides short-term business loans from $5,000 to $500,000.
LoanBuilder Rates & Fees
LoanBuilder doesn’t use traditional interest rates. Instead, it charges a single fixed fee for borrowing. Fees range from 2.9% to 18.72% of the borrowing amount. There are no hidden fees or additional costs. Repayment terms are from 7-52 weeks.
LoanBuilder Eligibility Requirements
To receive a short-term loan from LoanBuilder, you must meet these minimum requirements:
Own a U.S.-based business
Minimum credit score of 620
At least $42,000/year in revenue
At least nine months in business
No open bankruptcies
Your business must also be in an eligible industry. Some industries that are disqualified include:
Why We Chose Lendio For Best $10K Small Business Loans
Lendio takes the hassle out of comparing small business loans. With a single application, you can receive multiple loan offers for everything from Small Business Administration loans to equipment financing and lines of credit. The process is quick, easy, and completely free.
With over 75 funding partners, Lendio can connect businesses with the $10K loans they need. Bad-credit borrowers, startups, or established borrowers can find what they need by filling out the 15-minute application. As a bonus, completing the application and comparing loan offers has no impact on credit score.
Lendio Services
Lendio is a lending marketplace with 75+ funding partners that offer:
Business acquisition loans from $5,000 to $5 million
Lendio Rates & Fees
Rates and fees vary by lender and loan type.
Established businesses with good to excellent personal credit and steady revenue will qualify for the lowest rates and most favorable terms.
Lendio Eligibility Requirements
Because Lendio is a loan marketplace that works with numerous lenders, eligibility requirements vary. Long-term, low-interest options like SBA loans and installment loans are available for established businesses with a solid credit history. Short-term options with higher rates and fees are available for businesses that may not qualify for other types of funding.
Our Methodology For Choosing The Best $10,000 Loans
When reviewing business financing products, Merchant Maverick gathers and examines pertinent data points on each lender (interest rates, term length, fees, borrower requirements, customer reviews, etc.). We compare the lender to other similarly situated companies in the industry and assign them a score based on our research.
For this list, we’ve pinpointed some of the primary motivations for seeking business financing, identified the lenders that best fulfill those motivations based on the data we’ve collected, and presented them to you. We encourage you to compare business lenders to find the product that best suits your business needs, but we hope this list provides you with a well-substantiated starting point in your search.
Why We Don't Recommend These Loan Options
A few $10K business loans that previously made our list didn’t make the cut this time. Here’s why.
BlueVine
BlueVine previously made our list for its lines of credit up to $250,000. Since the time of our last update, however, BlueVine’s borrowing requirements have changed.
While its credit score requirement is still pretty relaxed, minimum monthly revenue requirements changed significantly. Previously, businesses with at least $10,000/month in revenue could be eligible for a line of credit. However, now BlueVine requires at least $40,000 in monthly revenue to qualify.
Additionally, BlueVine previously only required a business to be in operation for at least six months to qualify. That requirement has now increased to 24 months, thus making newer businesses ineligible for BlueVine’s product.
IOU Financial
IOU Financial previously made our list for the best $10,000 small business loans. However, the minimum borrowing amount through this lender has now increased to $15,000.
Kabbage
Kabbage was another lender that previously made our life of the best $10K business loans. We particularly liked that Kabbage had no minimum credit score requirements for its lines of credit.
Recently, Kabbage has undergone some changes. It’s now owned by American Express and borrowing requirements have changed significantly, including a credit score requirement of 640+.
What To Consider When Choosing The Best $10K Loan
There are plenty of options for $10K business loans, but it can be difficult to narrow down your options. Before signing a loan contract, keep the following points in mind to ensure you’re selecting the best funding option.
Your Industry
Consider your industry and what kinds of lenders service it. Lenders view some industries as higher risk than others, while other lenders simply won’t lend to certain types of businesses.
Loan Purpose
How do you plan to use your loan? Some lenders have limitations on how loan proceeds are used, so you want to make sure you choose the right product from the start.
Loan Type
Determining how you’ll use your loan makes it easier to narrow down the type of loan that you should pursue.
If you need to purchase equipment, an equipment loan or lease is a good option. If you need a flexible form of funding, a business line of credit or business credit card may be the best choice. Long-term installment loans are a good option for larger purchases.
Once you’ve pinpointed the type of loan you’d like to receive, begin shopping lenders that offer this type of loan. Make sure to also keep an eye out for low rates, favorable terms, and borrowing limits high enough to cover your expenses.
Your Current Financial Institution
Look no further than your bank, credit union, or any financial institution with which you hold a current relationship. These lenders offer everything from Small Business Association loans to business credit cards, often with low rates and long repayment terms.
Funding Timelines
Another deciding factor can be how quickly you need the funds. Often, when a company needs a relatively small amount of money, they need it sooner rather than later. While many traditional banks have begun streamlining their processes, it’s not unusual for the vetting and underwriting process to drag out for weeks or even months.
In these cases, it can be a tradeoff between the (generally) lower rates of traditional banks and the speed and convenience of alternative lenders. If you can afford to wait — and meet all requirements — the traditional route is often still the best.
Creditworthiness
Think hard about your creditworthiness. Knowing your weaknesses will help you to find lenders who are willing to work around them.
When analyzing your creditworthiness, pay attention to the following:
Time In Business: Most lenders want to see some indication that your business has been stable before they lend you money. This can be as short as a few months or, more commonly, around two years.
Credit Rating: Some lenders care about this more than others. Whether or not it’s a dealbreaker, you can expect almost all lenders to use your credit to determine your rate.
Debt-To-Income Ratio: Your lender will use the debt-to-income ratio to help determine if you can repay your loan. That means for every dollar you borrow, your lender will want to see you’re taking in $1 + x in revenue.
Collateral: You may be required to put up assets as collateral to secure your loan. For loans will no collateral, expect to have to sign a personal guarantee or blanket lien.
Outstanding Loans: Lenders will typically look at any debt you currently have, as well as your repayment history (late payments, missed payments, etc.).
Can I Get A $10K Small Business Loan With Bad Credit?
A $10,000 small business loan is a relatively small amount that many borrowers (even those with credit challenges) may be able to receive.
Many online lenders — including those on our list — have funding options for borrowers with fair or poor credit scores.
Your credit score may also affect your borrowing limits and the types of loans you’re eligible to receive. It is worth noting that depending on your score and other factors, you may only qualify for certain options, including:
Short-term loans
Crowdfunding
Merchant cash advances
To qualify for lower rates, higher borrowing limits, and longer repayment terms, you’ll need to improve your credit score. You can do this by:
A $10,000 business loan is a fairly small amount, so it shouldn’t be too difficult for many businesses to receive one. Many online lenders have short applications and can fund as quickly as the same business day of approval. Lenders may evaluate factors including personal credit score, monthly or annual revenue, and time in business to determine if you qualify.
How much does it cost to get a $10,000 business loan?
The cost of borrowing varies greatly based on a number of factors, including the lender, type of loan, and your personal credit history. Loans that are funded very quickly or loans with minimal borrowing requirements are generally the most expensive.
Can I get a $10K business loan with bad credit?
It is possible to get a $10,000 business loan with bad credit. Some of the lenders on this list accept borrowers with credit scores as low as 500. However, borrowers with poor credit will find that their options are usually limited to short-term loans with a higher cost of borrowing.
Can a startup get a $10,000 business loan?
It is possible for startups to get a $10,000 business loan. One thing to note is that options for startups may be limited to loans with shorter terms and higher rates.
How do I apply for a $10K business loan?
You can easily apply for a $10,000 business loan online. Simply start by checking out the lenders on this list. Most online lenders offer fast applications that can be completed in minutes. After submitting your application and any required documentation, you can be approved and receive funding as quickly as the same day, based on the lender you select.
The Bottom Line On $10,000 Business Loans
Before jumping headfirst into a $10,000 business loan, determine if this cash boost is going to help — not hurt — your business. Make sure to do your research to find the loan options and lenders that best fit your needs. Start with this list, but don’t forget to look at some of the other best small business loans out there. Read everything before signing, and make sure to make your payments on time as agreed. Good luck!
In Summary: The 7 Best $10K Loans For Small Businesses
Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
View Erica Seppala's professional experience on LinkedIn.
Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.
Get Started With A New Top Pick 🏆Get funding up to $3 million as fast as same-day from this loan marketplace.Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.Start A Quick ApplicationNo minimum credit score required
We Want Your Feedback!
Help us to improve by providing some feedback on your experience today.
The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Reveal Featured Offer
Get Started With A New Top Pick 🏆Get funding up to $3 million as fast as same-day from this loan marketplace.Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.Start A Quick ApplicationNo minimum credit score required
