The 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 offers business lines of credit from $1,000 to $150,000.

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.

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 6 months in business
• Minimum personal credit score of 600
• Annual revenue of $100,000+/year

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 offers the following small business funding options:

• Lines of credit from $6,000 to $100,000
• Term loans from $5,000 to $250,000

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.

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

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 offers two financial products for small businesses:

• Short-term loans from $5,000 to $1.5 million
• Merchant cash advances from $5,000 to $1.5 million

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 has relaxed borrowing requirements, including:

• At least six months in business
• $15,000/month in revenue
• Minimum credit score of 500
• No open bankruptcies

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.

Several funding options are available through Credibly, including:

• Short-term loans from $5,000 to $400,000
• MCAs up to $400,000
• Long-term installment loans up to $250,000
• Secured & unsecured lines of credit
• SBA loans

Credibly isn’t very transparent about its rates and fees. Some products have a factor rate as low as 1.11. Additional fees may apply.

Credibly’s borrowing requirements are as follows:

• Minimum personal credit score of 500
• At least nine months in business

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 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’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.

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.

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 provides short-term business loans from $5,000 to $500,000.

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.

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:

• Attorneys
• Credit bureaus & financial services
• Nonprofit organizations

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 is a lending marketplace with 75+ funding partners that offer:

• Business term loans from $5,000 to $2 million
• Short-term loans from $2,500 to $500,000
• SBA loans up to $5 million
• Business lines of credit from $1,000 to $500,000
• Invoice financing
• Startup loans up to $150,000
• MCAs from $5,000 to $1 million
• Equipment financing from $5,000 to $5 million
• Commercial mortgages from $5,000 to $5 million+
• Business credit cards up to $150,000
• Business acquisition loans from $5,000 to $5 million

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.

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.