How To Secure A $10,000 Loan Online For Your Business
Even the most prepared business owners will face a financial shortage from time to time, whether it takes the form of a holiday uptick in your retail business, a slow season for your construction business, or unpaid invoices that have brought your incoming cash flow to a screeching halt. Unexpected or emergency expenses can arise out of nowhere in any industry, and they have the potential to have a devastating financial impact your business.
If your cash flow begins to suffer from seasonal slumps, late-paying customers, or emergency expenses, know that there are options available to you. Online small business loans and financing products can help you overcome any financial hurdle.
On the other hand, maybe things are going well for your business, and you just need a little boost to help expand your facility, hire new employees, and take your business to the next level. Online business loans can help with that, too.
If you need $10,000 for your business — for whatever reason–, you’re in luck. There are many loan products available to you, from traditional installment loans to short-term loans, invoice financing, or lines of credit. Best of all, you don’t have to have a perfect credit score or high annual revenues to qualify. With some online lenders, you can be approved in just minutes, and in some cases, you may even receive the financing you need within 24 hours.
Many online lenders can fund your loan or financial product without the delays or heavy paperwork requirements imposed by banks or traditional lenders. You’ll pay higher rates and fees for this convenience, but if you need cash fast, an online loan is the way to go. Depending on the lender you select, you may get approved and funded simply by supplying basic information about yourself and your business and a few recent bank statements.
Ready to secure a $10,000 online business loan? Read on for our top lender picks.
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One lender that makes it easy to get $10,000 for your business is BlueVine. With two different financing options, you can receive up to $5 million to cover your business expenses.
The first financial product offered through BlueVine is a revolving line of credit. You can receive between $5,000 and $250,000 with simple interest rates starting at just 4.8%. Through BlueVine, the application process is simple, and you can be approved for an unsecured line of credit in just minutes. You’ll be able to make draws from your account as needed up to the credit limit assigned by the lender. Repayments are made weekly or monthly over 6 or 12 months. Interest is only charged on the borrowed amount, and your funds will be replenished as you make your payments.
To qualify for a BlueVine line of credit, you must have:
- A minimum personal credit score of 600
- A time in business of at least 6 months
- At least $100,000 in annual revenue.
The application requires you to supply information about yourself and your business, as well as business bank statements from the last 3 months.
If unpaid invoices are dragging your business down, BlueVine also offers invoice factoring. You can receive up to $5 million for your qualifying invoices with rates starting at just 0.25% per week. You’ll receive up to 90% of the total balance of your invoices upfront and the remainder once the invoices are paid, minus fees charged by the lender.
To qualify for BlueVine’s invoice factoring, you must:
- Operate a B2B business
- Have a personal credit score of at least 530
- Have a time in business of at least 3 months
- Earn at least $100,000 in annual revenue
Credibly offers three financing options for business owners seeking $10,000 in capital. If you need a loan to cover daily operating expenses, Credibly offers a working capital loan. With this product, you can apply for up to $400,000. Instead of interest rates, these loans come with a factor rate. The most qualified borrowers can receive factor rates as low as 1.09. Working capital loans are repaid daily or weekly over a period of 6 to 18 months. An origination fee of 2.5% of the loan amount is deducted from your loan.
To qualify for a working capital loan from Credibly, you must have:
- A credit score of at least 500
- A time in business of at least 6 months
- An average of at least $15,000 per month in deposits to your business bank account.
If you need $10,000 to expand your business, consider a business expansion loan from Credibly. You can apply for up to $400,000 to be repaid weekly over 18 or 24 months. Interest rates for the most qualified borrowers start at 9.99%. An origination fee of 2.5% of the total loan amount will be deducted from your loan proceeds.
To qualify for a business expansion loan from Credibly, you must have:
- A credit score of at least 600
- A time in business of at least 3 years
- Average monthly bank deposits of at least $15,000
- An average daily balance of $3,000
If you don’t meet the revenue or credit score requirements of Credibly’s other financial products, consider applying for a merchant cash advance. With this type of financing, you sell a percentage of your future receivables. Credibly will take a set percentage of your sales each day until your loan plus any fees are repaid. Factor rates start at just 1.09 and repayment schedules are available up to 14 months. Through this type of financing, you can apply for up to $150,000. A one-time 2.5% origination fee is added to your loan balance, and Credibly also charges a $50 monthly admin fee.
To receive a merchant cash advance, you must have a credit score of at least 500 and at least $15,000 in average monthly bank deposits. Your business must also be in operations for at least 6 months to qualify. You can be approved for your loan in as quickly as 24 hours.
3. Fora Financial
For quick working capital loans, consider applying for financing through Fora Financial. If you want a flexible working capital loan with no restrictions, this lender offers small business loans in amounts from $5,000 to $500,000. Repayment terms are available up to 15 months.
To qualify for a working capital loan through Fora Financial, you must have:
- A time in business for at least 6 months
- At least $12,000 in gross sales
- No open bankruptcies on your credit report
You can also apply for a merchant cash advance of up to $500,000 through Fora Financial. There are no set terms and no restrictions. Payment amounts are based on the revenue of your business.
To qualify, you must be in business for at least 6 months and have no open bankruptcies. You also must have at least $5,000 in credit card sales to be eligible.
Another flexible line of credit comes from Fundbox, where you can receive up to $100,000. You’ll make equal weekly payments for 12 or 24 weeks to pay off the loan, plus the flat fee charged by the lender. Fees start at just 4.66% of the draw amount.
To qualify for a line of credit from Fundbox, you must have:
- A business checking account
- At least $50,000 in annual revenue
- A connected business bank account
There are no minimum credit score requirements.
Fundbox Credit is another option to explore if you have unpaid invoices. This is an invoice financing product that provides you with up to $100,000 for qualifying invoices. Advance fees start at 4.66% with repayment terms up to 24 months.
To qualify, there are no minimum credit score or time in business requirements. You must also connect your accounting software that shows activity from at least the last 2 months.
5. IOU Financial
With IOU Financial’s core small business loan, you can receive between $5,000 and $150,000 in extra capital for your business. These loans come with terms of 6, 9, or 12 months, and fixed payments are made daily.
To qualify for a small business loan from IOU Financial, you must:
- Be in business for at least 1 year
- Own at least 80% of your business (this requirement drops to 50% if you own your business with your spouse)
- Make at least 10 deposits per month into your business bank account
- Bring in annual revenue of $100,000
If you need more capital at a later time, IOU Financial also offers a mid-market loan of $70,000 to $300,000. Terms for these loans are 12, 15, or 18 months, and payments are made on a daily or weekly schedule.
Kabbage offers flexible lines of credit that can be used to cover any business expense. If you’d like access to money on-demand, Kabbage’s lines of credit allow you to make draws as needed up to your credit limit.
Through Kabbage, you can be approved for a line of credit up to $250,000. With each draw, you’ll receive terms of 6 or 12 months, with payments made monthly. Kabbage charges fee rates between 1.5% and 10% based on the performance of your business.
If you have a low personal credit score but your business is doing well, Kabbage may be the right option for you. There are no minimum credit score requirements to receive a Kabbage line of credit.
However, to get a line of credit from Kabbage, you must:
- Be in business for at least 1 year
- Bring in annual revenue of at least $50,000
If you don’t meet this revenue requirement, you must show that you’ve brought in at least $4,200 per month for the last 3 months.
What makes Kabbage stand out from other lenders is that it offers the Kabbage Card. Typically, with a line of credit, you initiate the draw and receive your funds in your business bank account as quickly as the next business day. With the Kabbage Card, however, you have instant access to your funds. Use this card wherever Visa is accepted without having to wait for funds. Kabbage will then create a new loan with the same rates and terms as its traditional draws.
If you want a business loan with one fixed fee and terms that are easy to understand, consider Paypal’s LoanBuilder. Through this lender, you can customize your loan to get the payments that are right for you. You can apply for anywhere from $5,000 to $500,000 and receive your funds as quickly as the next business day. Repayment terms of up to 52 weeks are available and are based on the amount of the loan. Payments are made weekly until your loan plus the lender’s fee are repaid. Fees range from 2.9% to 18.72% of the borrowing amount.
To qualify for a LoanBuilder loan, you must have:
- A personal credit score of at least 550
- A time in business of at least 9 months
- At least $42,000 in annual revenue
- No active bankruptcies on your credit report
OnDeck offers several financing options if you need $10,000 for your business. With a short-term loan, you can receive up to $500,000 with repayment terms of 3 to 12 months. The lender charges a simple interest rate starting at just 9% for the most qualified borrowers. Long-term loans are also available with repayment terms of 15 to 36 months with annual interest rates starting at 9.99%. Daily or weekly payments are automatically deducted from your bank account with both loan options.
To qualify for a term loan from OnDeck, you must:
- Be in business for at least 1 year
- Have a minimum of $100,000 in annual revenue
- Have a credit score of at least 600
An origination fee up to 4% of the borrowing amount will be charged to service and process your loan.
If you want a more flexible financing option, OnDeck provides lines of credit to qualified borrowers. Lines of credit from $5,000 to $100,000 are available, with APRs starting at 13.99%. Automatic payments are deducted weekly from your business bank account.
To qualify for a line of credit from OnDeck, you must have:
- A time in business of at least 1 year
- $100,000 or more in gross annual revenue
- A personal credit score of at least 600
You must also be the majority owner of your business.
Through Quarterspot, you can receive up to $250,000 in funding for your business in as quickly as 24 hours. Repayment terms of 9, 12, and 18 months are available with factor fees starting at 12.5 cents per dollar borrowed. With a Quarterspot loan, you can repay early to save on interest and fees.
To qualify for a loan from Quarterspot, you must have:
- A credit score of at least 550
- A time in business of at least 1 year
- Monthly revenue of $16,000 or more
- At least 10 sales every month
- An average daily bank account balance of $2,000
You must also live in the United States, although applicants located in the states of North Dakota, Rhode Island, South Dakota, and Vermont are ineligible to receive funding through QuarterSpot.
Online Loans For Business Startups
You’ve reviewed all of your options, and there’s one major problem standing in your way: you’re running a brand-new business or startup. Most online lenders require your business to be in operations for at least one to two years in order to qualify for a business loan. While getting the capital you need for a new business may be more challenging, it certainly isn’t impossible. In some cases, you may even have to get a little creative with your financing options.
One option to consider is a personal loan for business. If your personal credit score is solid and you meet income requirements, you can receive a personal loan to use for business expenses. The lenders below offer personal loans for business with reasonable rates and fee:
|Lender||Borrowing Amount||Term||Min. Credit Score||Next Steps|
|$1K - $50K||3 or 5 years||8.16% – 27.99%||620||Apply Now|
|$2K - $35K||3 or 5 years||6.95% - 35.99% APR||640||Apply Now|
|$1K - $40K||3 or 5 years||5.32% - 30.99%||640||Check Rate|
Another way to get $10,000 online to grow your new business is with crowdfunding. Through crowdfunding, you have a platform to pitch your business in front of multiple investors. Whether you want to expand your business or bring a new product to market, you can launch a campaign to raise the capital you need. One such platform to consider is Kiva US.
Through Kiva US, you can receive up to $10,000 for your business. The best part is that you’ll be charged 0% interest on your loan. However, financing through Kiva doesn’t work like a traditional loan. With a traditional loan, you submit your application, the lender considers your business history and credit profile, and if you’re approved you’ll receive your payment.
With Kiva US, you’ll fill out an application once you’re pre-qualified. Then, for 15 days, you use the platform to get friends and family members to lend money to you. Once you’ve raised money from people you know, your campaign will go public to over 1.6 million people for 30 days. After you’ve raised the funds you need, you have up to 36 months to pay back your interest-free loan.
Unlike other loans, there are no credit score, time in business, or annual revenue requirements. To qualify, you must live in the United States, be at least 18 years old, and use the loan for business purposes.
What To Do If You Have Bad Credit
Let’s be honest: securing a loan with bad credit can be a challenge. Traditional options like bank loans and SBA loans are typically completely off the table with a poor credit score, even if your business is successful.
Before you apply for a business loan, it’s always important to know where you stand credit-wise, even if you know you have a great score. The internet makes this easier than ever, and there are multiple sites that allow you to view your credit score at no cost. If you have credit challenges, review your report for any errors that can be disputed with the credit bureaus.
Once you know your score, you’ll be able to better gauge what types of loans and which lenders you can work with. If you have a score that is in the low 600s or even lower, know that your financing options may be more limited.
Before you apply, also understand the cost of borrowing. A low credit score shows lenders that you’re a risky borrower, so not only are your financing options limited, but you’ll face higher fees and interest rates than more creditworthy borrowers. When you do apply for a loan or other financing, make sure to evaluate the full cost of the loan to ensure it makes sense for your business. Your loan should help your business — not drag you into uncontrollable debt.
The wisest financial move is to take steps to boost your score before applying. However, if you need a loan immediately, improving your score over months (or even years) may not make sense for your business. If this is the case, short-term loans, business credit cards, invoice financing, and lines of credit may be your best options. Some of the lenders on this list, such as OnDeck and Kabbage, work with borrowers with all credit types. Crowdfunding is a low-interest option you can also explore if you’re facing credit challenges.
Getting $10,000 for your business is easy when you know where to look, even if you have past credit challenges, operate a new business, or have annual revenue that falls below traditional lending requirements. However, having access to quick loans also makes it easier to push your business further into debt.
Be smart. Shop around with lenders, evaluate all of your options, and calculate the return-on-investment to ensure you’re making a sound, responsible financial decision for your business.