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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 has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Erica SeppalaErica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.
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.
Why We Chose AdvancePoint Capital For Overall Best $10K Funding
AdvancePoint Capital earns our pick as the best overall lender for $10,000 loans because it offers multiple funding options suitable for nearly any business. From long-term loans with 10-year terms to invoice financing, AdvancePoint connects borrowers with the right funding solution through its lending network.
If that isn't enough of a reason for AdvancePoint to top our list, it also has an easy application process, good customer service, and a great reputation among past and present customers.
AdvancePoint Capital Services
If you’re looking to score a $10,000 loan, AdvancePoint Capital offers the following through its network of lending partners:
Revenue-based financing
Long-term business loans
Lines of credit
Invoice financing
Equipment financing
AdvancePoint can also help you obtain other types of funding, including SBA loans and equipment financing.
AdvancePoint Capital Rates & Fees
Repayment terms for revenue-based financing varies. Factor rates of 1.09% to 1.45% are charged.
Long-term business loans have repayment terms of up to 10 years. Rates start at 5.5%.
Repayment terms for lines of credit vary, with simple interest rates averaging 1% per month.
Invoicing financing rates start at 1%.
AdvancePoint Capital Eligibility Requirements
Since AdvancePoint Capital works with several lenders offering different products, eligibility requirements vary. However, you should meet the following minimum requirements before applying:
Personal credit score of 650+
At least 12 months in business
At least $200,000 in annual gross sales
If you opt to apply for other products, such as long-term loans and SBA loans, you will need to have an established business with good to excellent credit.
Use AdvancePoint Capital If...
You want to qualify for multiple products through a network of lenders with a single application
You don’t meet the requirements (i.e., credit score or time in business) of traditional lenders
Why We Chose Fundbox For Best $10K Lines Of Credit
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 allow new businesses that have been in operation for at least 3 months and applicants with low credit scores to 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 $100 – $150,000.
Fundbox Rates & Fees
Repayment terms are 12 or 24 weeks. Fundbox charges a one-time borrowing fee starting at 4.66%+ (12-week terms) or 8.99%+ (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:
Own a U.S.-based business
Have a business checking account
At least 3 months in business
Minimum personal credit score of 600
Annual revenue of $30,000/year
Choose Fundbox If...
You want a revolving line of credit that you can draw from as needed
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 55.8%. An origination fee of 0% – 5% is deducted from your loan.
Lines of credit are repaid weekly with maximum terms of 12 months. APRs range from 29.9% to 65.9% The average APR for an OnDeck line of credit is 52.6%. 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:
Own a business checking account
Minimum credit score of 625
At least $100,000/year in revenue
At least 12 months in business
Use OnDeck If...
You want funding as quickly as the same day
You want a revolving line of credit or short-term loan and don’t meet the requirements of traditional lenders
Why We Chose Fora Financial For Best $10K Loans With Great Customer Service
One reason we chose Fora Financial for best $10,000 loans is its customer support, which customers say is honest, transparent, and responsive. Borrowers that have trouble getting funded elsewhere may have success with Fora Financial. Fora Financial approves applicants with credit scores as low as 570 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.
Fora Financial Services
Fora Financial offers two financial products for small businesses:
Repayment terms for Fora’s short-term loans and MCAs are 4 – 18 months. The borrowing fee for either product is 10% – 30% of the borrowing amount. An origination fee of 1% – 4% applies.
Daily repayments are typically required. There are early repayment discounts available for Fora Financial’s short-term loans.
Fora Financial Eligibility Requirements
Fora Financial has relaxed borrowing requirements, including:
At least 6 months in business
$20,000/month in revenue
Minimum credit score of 570
No open bankruptcies
Choose Fora Financial If...
Bad credit prevents you from getting funded elsewhere
You’re a newer business that has been open for at least 6 months
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 6 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 Finance For Best Short-Term $10K Loans
Breakout Finance 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.
We also like that Breakout Finance offers other forms of short-term loans, including invoice factoring, purchase order financing, and asset-based loans.
Breakout Finance Services
Breakout Finance offers the following short-term funding options:
Short-term loans up to $1 million
Invoice factoring up to $10 million
Asset-based loans
Purchase order financing up to $5 million
Breakout Finance Rates & Fees
Breakout Finance’s business loans have rates that start at 1.24% per month. Repayment terms for these loans are up to 24 months. An origination fee of 2.5% applies. There are no hidden costs or fees. Early payment rebates are available.
Rates and fees for other financial products vary.
Breakout Finance Eligibility Requirements
To qualify for a Breakout Finance term loan, you must meet these requirements:
Minimum credit score of 600
At least 1 year in business
At least $25,000/month in revenue
Requirements for other products vary. For example, having qualified invoices is the only listed requirement for Breakout’s invoice factoring.
Choose Breakout Finance If...
You want a short-term business loan and don’t meet the requirements of traditional lenders
You want to sell unpaid invoices or purchase orders for near-instant payouts
You have assets that can be used as collateral for an asset-based loan
Why We Chose LoanBuilder For Best $10K Loans For New Businesses
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 9 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 – $150,000. First-time borrowers are only eligible to borrow up to $100,000.
LoanBuilder Rates & Fees
LoanBuilder doesn’t use traditional interest rates. Instead, it charges a single fixed fee for borrowing. Fees range from 2.9% – 18.72% of the borrowing amount. There are no hidden fees or additional costs. Repayment terms are from 17 – 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
At least $33,300 in revenue
At least 9 months in business
No open bankruptcies
Previously, LoanBuilder listed a minimum credit score requirement of 620. However, this is no longer listed on the LoanBuilder website as a requirement for a loan.
Your business must also be in an eligible industry. Some industries that are disqualified include:
Attorneys
Credit bureaus & financial services
Nonprofit organizations
Choose LoanBuilder If...
You want a loan with a simple fee that’s easy to understand
You want a fast and easy loan that you can customize to fit the needs of your business
Funding process may be shorter by working with a direct lender
Why We Chose Lendio As Best Marketplace For $10K Loans
We like that 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.
Choose Lendio If...
You want to compare lender offers without impacting your credit score
You want to compare loan offers with a single application
Business Loan & Funding Products Review Methodology
We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
Weighted Rating Breakdown
Rates & Fees 20%
Services 20%
Eligibility Requirements 20%
Application 15%
Sales & Advertising Transparency 10%
Customer Service 10%
User Reviews 5%
When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.
Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.
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 affect your rates, repayment terms, 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:
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.
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
View Erica Seppala's professional experience on LinkedIn.
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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.
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