The 7 Best $10K Small Business Loans

Total Rating	3.8
Rates & Fees3.1 Pricing 2.3 Affordability 3.8
Services3.6
Eligibility Requirements4.5
Application4.8
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service3.0
User Reviews4.4

Pros

Funds are disbursed quickly
The application process is fast and easy
Few extra fees

Cons

Rates can be expensive
Repayments are required frequently

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 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:

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

Choose Fundbox If...

You want a revolving line of credit that you can draw from as needed
You need fast access to funds

Get Started With Fundbox

OnDeck: Best For Fast $10K Loans

OnDeck

Total Rating	3.9
Rates & Fees4.6 Pricing 5.0 Affordability 4.2
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service4.1
User Reviews4.0

Pros

Borrower qualifications are lower than banks
Funds are disbursed quickly
Builds business credit
The application process is fast and easy

Cons

Rates can be expensive
Repayments are required frequently
Funding isn’t available in all states
Funding isn’t available to all industries

Why We Chose OnDeck For Fast $10K 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 55.8%. An origination fee of up to 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

Get Started With OnDeck

Fora Financial: Best $10K Loans With Excellent Customer Service

Fora Financial

Get Started With Fora Financial

Total Rating	3.7
Rates & Fees3.2 Pricing 3.0 Affordability 3.4
Services3.5
Eligibility Requirements4.6
Application4.3
Sales & Advertising Transparency3.2 Sales Practices 3.0 Web Presence 3.5
Customer Service2.8
User Reviews3.9

Pros

Low credit score requirements
The application process is fast and easy
Excellent customer service

Cons

Repayments are required frequently
Rates can be expensive
Some additional fees

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 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.

Fora Financial Services

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

Fora Financial Rates & Fees

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.

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 six months in business
$15,000/month in revenue
Minimum credit score of 500
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

Credibly: Best $10K Loans For Bad Credit

Credibly

Get Started With Credibly

Total Rating	3.6
Rates & Fees3.1 Pricing 3.7 Affordability 2.4
Services3.7
Eligibility Requirements3.3
Application4.0
Sales & Advertising Transparency3.6 Sales Practices 3.0 Web Presence 4.5
Customer Service4.3
User Reviews4.0

Pros

Low credit score requirements
The application process is fast and easy
Discounts for repaying early

Cons

Rates can be expensive
A blanket lien is required

Why We Chose Credibly For Best Bad-Credit 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:

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 Rates & Fees

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 Eligiblity Requirements

Credibly’s borrowing requirements are as follows:

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

Businesses that have been in operations for at least six months may also have funding options.

Choose Credibly If...

You have a low credit score and don’t qualify for funding elsewhere
Your new business needs funding and has been in operation for at least 6 months

Breakout Finance: Best Short-Term $10K Loans

Breakout Finance

Get Started With Breakout Finance

Total Rating	4.1
Rates & Fees3.6 Pricing 3.7 Affordability 3.4
Services3.5
Eligibility Requirements5.0
Application4.8
Sales & Advertising Transparency4.2 Sales Practices 5.0 Web Presence 3.0
Customer Service3.3
User Reviews4.9

Pros

Flexible repayment terms
Relaxed borrower qualifications
Excellent customer support

Cons

Rates can be expensive
Nontransparent rates, terms, and fees
No long-term funding options

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 Capital’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 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 Finance Eligibility Requirements

To qualify for a Breakout Capital term loan, you must meet these requirements:

Minimum credit score of 600
At least 12 months 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

LoanBuilder: Best $10K Loans For New Businesses

LoanBuilder

Get Started With LoanBuilder

Total Rating	3.5
Rates & Fees4.1 Pricing 4.4 Affordability 3.8
Services2.9
Eligibility Requirements3.4
Application3.8
Sales & Advertising Transparency3.8 Sales Practices 4.0 Web Presence 3.5
Customer Service2.8
User Reviews4.1

Pros

Funds are disbursed quickly
Low credit score requirements
The application process is fast and easy

Cons

A blanket lien is required
Not available to businesses in some industries
Personal guarantee is required

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 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 $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% 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
At least $33,300/year in revenue
At least nine 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...

Lendio: Best Marketplace For $10K Loans

Lendio

Total Rating	4.8
Rates & Fees5.0 Pricing 5.0 Affordability 5.0
Services5.0
Eligibility Requirements4.9
Application4.5
Sales & Advertising Transparency4.4 Sales Practices 4.0 Web Presence 5.0
Customer Service4.9
User Reviews4.9

Pros

Borrower qualifications are lower than banks
Long-term financing options are available
The application process is fast and easy
Multiple types of financing are available

Cons

Rates can be expensive
Funds can take a while to disburse
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 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

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

Get Started With Lendio

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.

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.

Read more about how we rate small business lenders.

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 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:

Pulling your free credit score
Reviewing your credit report
Disputing errors with the credit bureaus
Making all payments on time as agreed
Reducing your credit utilization
Using a secured credit card responsibly

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.

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Erica Seppala

Editor & Senior Staff Writer at Merchant Maverick

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.

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1. Fundbox

❮ ❯

Lines of credit
FICO: 600+
Borrowing Fee: 4.66%+

2. OnDeck

❮ ❯

Term loans and lines of credit
FICO: 625+
APR: 29.9%+

3. Fora Financial

❮ ❯

Short-term loans and MCAs
FICO: 500+
Borrowing Fee: 10%+

4. Credibly

❮ ❯

Installment loans, STLs, MCAs, SBA loans, and LOCs
FICO: 500+
APR: Varies by product

5. Breakout Finance

❮ ❯

STLs, asset-based loans, purchase order financing, invoice factoring
FICO: 600+
APR: Varies by product

6. LoanBuilder

❮ ❯

Short-term loans
FICO: Undisclosed
Borrowing Fee: 2.9%+

7. Lendio

❮ ❯

Installment loans, STLs, LOCs, SBA loans, equipment loans, MCAs, and business credit cards
FICO: No minimum
APR: Varies by lender & product