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How To Secure A $10,000 Loan Online For Your Business

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Sometimes the most frustrating crises are the small ones: the delivery vehicle that breaks down, the emergency restock, the last-minute marketing push. These are pretty routine, banal problems that can be addressed with a relatively small amount of money. But whether you’re short $100,000 or $10,000, a shortfall can wreak havoc on your business. In those instances, you’ll want to know how to get a $10,000 loan online for your small business.

The recent outbreak of coronavirus has left most businesses scrambling for extra cash to get by. In these tough times, $10,000 could mean the difference between survival and shutting your doors forever. (Read our Small Business Outbreak & Pandemic Guide for more information.)

Let’s take a look at how to go about getting that $10K.

Learn More About Our Top Picks

CompanySummaryNext Steps
BlueVine offers revolving lines of credit and term loans to businesses with a credit score of 600 and up. They aren't necessarily the cheapest game in town, but they're a reliable choice for businesses seeking alternative sources of funding.

Get Started

Read More

Fundbox is a great option for businesses looking for some flexibility in the form of lines of credit and invoice financing. Fundbox has no credit requirements, making them a great option for business owners who have recently fallen on hard times.

Visit Site

Read More

If you want to combine the convenience of a credit card with the power of a line of credit, Kabbage may be the lender for you. Better yet, they don't have any explicit credit score requirements. Rates can be on the high side, however.

Apply Now

Read More

OnDeck is one of the bigger names in online lending and can be a solid option for borrowers with good credit. You can choose between short-term and long-term loans, as well as a line of credit. They aren't the cheapest borrowing option, but they do offer discounts to repeat customers.

Get Started

Read More

Fora Financial is another good "lender of last resort" for businesses with less-than-perfect credit that need money quickly, albeit at a potentially high cost. They offer a medium-term loan and a merchant cash advance.

Visit Site

Read More

Other Featured Options:

  • Credibly: Credibly offers two loan variations and a merchant cash advance, making them accessible to most businesses that need an immediate cash infusion. You will have to contend with some additional fees and potentially high rates, however.
  • Breakout Capital: If you need a bit longer to pay off your loan, you may want to consider Breakout Capital. With their high borrowing amounts and relaxed credit requirements, they can be a good choice for heftier expenses.
  • IOU Financial: IOU Financial offers small business loans with set term lengths of 6, 9, 12, 15, or 18 months. They are a good option if you need to take out a lot more than $10K, but they're fast and forgiving enough to work with in a pinch.
  • LoanBuilder: Paypal is all over the lending market these days, and that includes short-term loans. LoanBuilder is a fast and convenient way to borrow money at mostly reasonable rates without having to worry about extra fees.

Read more below to learn why we chose these options.

How To Get A $10,000 Business Loan

When you’re looking for relatively small amounts of money to borrow for you business, you’ll have a lot of options; $10K falls well within the funding ranges of the overwhelming majority of lenders. That can be both a blessing and a curse. You’ll have a lot of options, but you’ll also have a harder time narrowing them down. Remember as well that online lending isn’t your only option; if you have strong credit and a solid relationship with your bank, be sure to inquire about their small business lending. It will often have lower rates and better terms than what you’ll find online.

Consider Your Industry & What You Need The Money For

Next, 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.

Determine The Right Type Of Financial Product

One of the most important things to consider is what, exactly, you intend to spend the money on. This is important because some lenders will have restrictions on the type of industries and circumstances they’ll lend to.

Just as important to understand is that loans for equipment follow a different kind of logic than do loans for working capital. Because the equipment you’re purchasing can act as collateral, equipment loans tend to have better rates than comparable working capital loans. Equipment financing also opens up leases as an option, which can be faster and more comprehensive (though generally more expensive) than loans.

If you don’t necessarily need all the funds right away, you’ll want to consider a line of credit, which allows you draw upon a credit limit as needed over the course of your term, paying interest only on the amount you use.

How Quickly Do You Need It?

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 clear their lending hurdles–the traditional route is often still the best. If you’re in a dire circumstance right now, however, check out our list of the quickest lenders.

Consider Your Worthiness As A Borrower

Think hard about your creditworthiness; not in some grand moral sense, but from the perspective of a potential lender. Having a strong application will help you qualify for more products and at better rates. Even if you don’t look great on paper, knowing your weaknesses will help you to find lenders who are willing to work around them.

What should you be thinking about?

  • 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 want to know that you can pay back your loan. That means for every dollar you borrow, you lender will want to see you’re taking in $1 + x in revenue. Calculate your debt-to-income ratio.
  • Collateral: Any assets you can put up as security for your loan. For loans will no collateral, expect to have to sign a personal guarantee or blanket lien.
  • Outstanding Loans: Not “excellent” loans, but any debt you’ve already taken on. Lenders will want to know that they’re not too far down the queue in priority.

Best Resources Online For $10,000 Business Loans

Now let’s look at the best ways to get a $10,000 business loan. The best way to get $10K for your business is to apply to a trustworthy lender offering the type of loan that suits your business needs.

Keep in mind that the best lender for another person’s business may not be the best lender for yours. Not only that, but even the best lender’s rates may vary from borrower to borrower. It’s quite possible that you could get a higher rate from a borrower than potentially offers lower rates–a lot of different factors go into a lender’s underwriting processes.

With that in mind, let’s take a look at some lenders.

1. BlueVine

BlueVine



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Read our Review

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.

BlueVine also offers term loans that can be repaid over the course of six or 12 months. You can borrow up to $250K, with rates starting at 4.8%

Pros

  • Financing is available for startups and entrepreneurs
  • Low credit score qualifications
  • The application is fast and easy
  • Funds get disbursed quickly
  • Excellent customer support

Cons

  • Financing isn’t available in some states
  • Rates can be expensive
  • Repayments are required quickly

Get Started with BlueVine

Read our in-depth review

Jump back to comparison chart

2. Fundbox

Fundbox



Visit Site

Read our Review

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.

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.

Pros

  • Borrower qualifications lower than with banks
  • The application process is fast and easy
  • Low credit score requirements
  • Multiple avenues of customer support

Cons

  • Rates can be expensive
  • Repayments are required frequently

Get Started with Fundbox

Read our in-depth review

Jump back to comparison chart

3. Kabbage

Kabbage



Apply Now

Read our Review

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.

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.

Pros

  • Borrower qualifications are lower than with banks
  • No credit score requirements
  • No extra fees
  • The application process is fast and easy
  • Website advertising is clear and informative

Cons

  • Not available to businesses in some industries
  • Rates can be expensive
  • No long-term financing available

Get Started with Kabbage

Read our in-depth review

Jump back to comparison chart

4. OnDeck

OnDeck



Get Started

Read our Review

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.

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.

Pros

  • Borrower qualifications are lower than with banks
  • Multiple types of financing available
  • Lower costs for repeat customers
  • The application process is fast and easy
  • Funds are disbursed quickly
  • Builds business credit

Cons

  • Rates can be expensive

Get Started with OnDeck

Read our in-depth review

Jump back to comparison chart

5. Fora Financial

Fora Financial



Visit Site

Read our Review

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.

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.

Pros

  • No credit score requirements
  • Discounts for repaying early
  • Suited for quick business financing
  • The application process is fast and easy
  • Customer service helpful

Cons

  • Rates can be expensive
  • Some additional fees charged
  • Repayments are required frequently

Get Started with Fora Financial

Read our in-depth review

Jump back to comparison chart

6. Credibly

Credibly



Get Started

Read our Review

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.

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.

If you don’t meet the revenue or credit score requirements for 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) is 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.

Pros

  • Low credit score requirements
  • Discounts for repaying early
  • Financing is suited for business growth needs
  • The application process is fast and easy
  • Website is clear and informative

Cons

  • Rates can be expensive
  • Some additional fees are charged
  • A blanket lien is required

Get Started with Credibly

Read our in-depth review

Jump back to comparison chart

7. Breakout Capital

Breakout Capital



Visit Site

Read our Review

Breakout Capital offers two products to small businesses.

The first is an installment loan that functions a bit like a short-term loan except it has a term length of up to two years. Rather than an interest rate, the loan charges a flat fee of 1.25%-3.5% of the total amount you borrowed per month. Breakout Capital’s loans can be for as much as $250K and come with a 2.5% origination fee. While the loan does use factoring, you will get a discount if you pay back the loan early.

The second product, called FactorAdvantage, combines elements of a business loan and invoice factoring. It waives many of the qualifications of the other loan and allows for a higher borrowing limit of $500K.

Pros

  • Suited for small businesses
  • Relaxed borrower qualifications
  • Competitive terms and fees
  • Excellent customer support

Cons

  • Potentially high factor rates

Get Started with Breakout Capital

Read our in-depth review

Jump back to comparison chart

8. IOU Financial

IOU Financial



Visit Site

Read our Review

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.

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.

Pros

  • Borrower qualifications are lower than with banks
  • High borrowing amounts
  • Financing is suitable for quick business financing
  • The application process is fast and easy
  • Website advertising is clear and informative

Cons

  • Rates can be expensive
  • Some additional fees are charged
  • Frequent repayments are required
  • No long-term financing options available

Get Started with IOU Financial

Read our in-depth review

Jump back to comparison chart

9. LoanBuilder

LoanBuilder



Compare

Read our Review

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.

Pros

  • Borrower qualifications are lower than banks
  • Low credit score requirements
  • No extra fees
  • The application process is fast and easy
  • Funds get disbursed quickly

Cons

  • Not available to businesses in some industries
  • No discounts for repaying early
  • No long-term financing options available
  • A blanket lien is required

Read our in-depth review

Jump back to comparison chart

FAQS About $10,000 Business Loans

Now that you have some resources to work with, let’s take a look at some common questions prospective borrowers have.

How much would a $10,000 business loan cost me?

It varies widely between lenders, and two people applying to the same lender could end up with very different rates. If possible, you’ll want to compare different offers to make sure you’re getting the best rate that you can. Just make sure you don’t sign off on too many hard pulls on your credit all at once, or your credit rating may suffer.

Can I get a $10,000 business loan if I have bad credit?

Probably! Many lenders de-emphasize credit ratings when they’re considering borrowers. Some have no credit rating requirements at all. Just be aware that this doesn’t necessarily mean your bad credit rating won’t factor into the process somehow (you may end up being charged higher rates than you would if you had good credit). You’ll still probably need to have strong fundamentals elsewhere in your business. Consider short-term loans, merchant cash advances, and invoice factoring as possible alternatives.

Can I get a $10,000 business loan if I have a startup?

Most lenders want to see your business history before they’re willing to extend you a loan. So what happens when you have no business history?

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.

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.

How do I apply for a $10,000 business loan?

Depending on the type of lender you’re looking at, your application process will vary. Most traditional banks still conduct their loan application process in person at local branches.

Online lenders, as you might expect, almost always allow you to start your application online. In most cases, this is a truncated form that is mostly just for screening applicants in or out. If you look promising on paper, they’ll contact you and guide you through the rest of the process.

Whether you’re applying online or off, you can speed your application along by having the relevant documents and information handy. This includes:

  • The amount of money you’re seeking
  • The purpose of the loan
  • Your personal credit score
  • Your business’s start date
  • Your monthly and annual revenue
  • Bank statements (3-6 months)
  • Business debt schedule

Didn't Find What You Were Looking For? Check Out Our Other Small Business Loan Resources

Hopefully, you now have a better sense of how to go about getting a $10,000 business loan. That said, there are still a lot of topics we didn’t cover, and many other ways to fund your business. Check out our top business loans for 2020. First time looking for a business loan? Check out our walkthrough on how and where to apply. Do loans sound like too much trouble? A business credit card may meet your needs.

A Last Look At Our Top Picks

  1. BlueVine
    Summary - BlueVine offers revolving lines of credit and term loans to businesses with a credit score of 600 and up. They aren't necessarily the cheapest game in town, but they're a reliable choice for businesses seeking alternative sources of funding.
  2. Fundbox
    Summary - Fundbox is a great option for businesses looking for some flexibility in the form of lines of credit and invoice financing. Fundbox has no credit requirements, making them a great option for business owners who have recently fallen on hard times.
  3. Kabbage
    Summary - If you want to combine the convenience of a credit card with the power of a line of credit, Kabbage may be the lender for you. Better yet, they don't have any explicit credit score requirements. Rates can be on the high side, however.
  4. OnDeck
    Summary - OnDeck is one of the bigger names in online lending and can be a solid option for borrowers with good credit. You can choose between short-term and long-term loans, as well as a line of credit. They aren't the cheapest borrowing option, but they do offer discounts to repeat customers.
  5. Fora Financial
    Summary - Fora Financial is another good "lender of last resort" for businesses with less-than-perfect credit that need money quickly, albeit at a potentially high cost. They offer a medium-term loan and a merchant cash advance.
  6. Credibly
    Summary - Credibly offers two loan variations and a merchant cash advance, making them accessible to most businesses that need an immediate cash infusion. You will have to contend with some additional fees and potentially high rates, however.
  7. Breakout Capital
    Summary - If you need a bit longer to pay off your loan, you may want to consider Breakout Capital. With their high borrowing amounts and relaxed credit requirements, they can be a good choice for heftier expenses.
  8. IOU Financial
    Summary - IOU Financial offers small business loans with set term lengths of 6, 9, 12, 15, or 18 months. They are a good option if you need to take out a lot more than $10K, but they're fast and forgiving enough to work with in a pinch.
  9. LoanBuilder
    Summary - Paypal is all over the lending market these days, and that includes short-term loans. LoanBuilder is a fast and convenient way to borrow money at mostly reasonable rates without having to worry about extra fees.
Erica Seppala

Erica Seppala

Erica is a writer based in Greenville, South Carolina. She is a graduate of Limestone College. Initially determined to be an accountant, she put away the calculator and picked up a laptop to pursue her dream of being a writer. Erica has spent the past 10 years writing blogs and articles for hundreds of private clients, and she loves sharing her love of research and the written word with everyone around her.
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1 Comment

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Eric Burkholz

    Really great post. I am in the process of getting financing to get more financing for my business. It’s actually kind of stressful. I have close to $32,000 in personal cash on hand through assets and cash, and getting family money as well, I need to get $10,000 more.. So I came to this site and it breaks down whether I qualify or not. I really hope I can get something and this helped me see if I qualify or not.

      This comment refers to an earlier version of this post and may be outdated.

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