Compare $10,000 Business Loans

On the hunt to find the perfect $10,000 business loan? We can help! Mozo compares some of the best loans available.

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$10,000 business loan comparisons on Mozo - last updated 23 April 2024

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  • Business+ Unsecured Loan

    A simple way to fund your business’s big plans. Borrow up to $50,000 without using your assets as security. A fixed interest rate means your repayments don’t change over the life of the loan. Apply in minutes with the Business app. Enjoy a fast approval process. $495 establishment fee.

    Interest Rate
    Upfront Fee
    Funding speed
    Rates range from 11.95% p.a. to 22.95% p.a.
    $495
    Varies
    Details
  • Unsecured Business Loan

    Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    3%, starting at $399
    from 3 hours
    Details
  • Unsecured Business Loan

    A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.

    Interest Rate
    Upfront Fee
    Funding speed
    from 9%
    -
    Within same day
    Details
  • Prospa Plus Business Loan

    Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Details
  • Business+ Unsecured Overdraft

    Manage the cash flow in your business with ease. Access up to $50,000 without using your assets as security. Lending criteria apply. Access your available limit from your linked Business+ Account. Use your Debit Mastercard for added convenience. Interest is charged on your balance owing, not your limit. Easy online application. $495 establishment fee.

    Interest Rate
    Upfront Fee
    Funding speed
    Rates range from 14.95% p.a. to 25.95% p.a.
    $495
    Varies
    Details
  • Invoice Finance

    Increase cashflow by unlocking the power of your receivables with Octet’s Invoice Finance solution. Receive up to 85% of your debtor’s ledger with tailored facilities ranging from $100K to $12M.

    Interest Rate
    Upfront Fee
    Funding speed
    0% for the first 60 days, then rates starting from 9% p.a.
    On Application
    Instant on approval
    Details
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Business Banking Resources

Reviews, news, tips and guides to help find the best business loan for you.

How to make sure you choose the right $10,000 business loan for you 

If you’re in need of a quick cash fix to get your business rolling or back on track, then you might be considering a $10,000 business loan. Taking the time to compare your options is important, as there are a number of things to consider in picking the best business loan. If it's your first time taking on business financing, don't stress, because we’ve answered a few common questions about $10,000 business loans. 

How do I know if I’m eligible for a business loan?

Just like applying for a home loan, your lender will asses your eligibility. While most lenders may differ in what they ask for, some common requirements include: 

  • Be a fully registered business with an active Australian Business Number (ABN) or Australian Company Number (ACN) 
  • Have a minimum turnover, which can start at $40,000 
  • Be in businesses for  a minimum of between 6 months to 2 years 
  • Have a pristine credit history and no unpaid tax bills 

What can I use a $10,000 business loan for?

A business loan can be used for many small expenses, like purchasing new computer equipment, helping with cashflow or even paying for training courses for your staff. 

However if your plans are a little larger and require a bigger cash injection, then you might want to consider a larger loan like a $100,000 business loan instead. 

What are the types of $10,000 business loans available? 

Once you start comparing business loans, you’ll notice that there are a few different types around. While there is no single best loan type, you’ll need to decide which is the right option for your business. 

Short term business loans

Short term business loans are usually taken out by business owners who are in need of some quick cash to cover an unexpected bill or expense. Typically, these loans don’t last longer than 2 years and are able to be deposited into your business account within 24 hours if you’re approved. 

You might want a short term business loan to pay invoices or give your business a quick cash injection. Keep in mind, these types of business loans often come with different interest rates than you might be used to. Depending on the lender, you could find that interest is charged on a weekly, fortnightly, monthly or even daily basis. 

Equipment finance business loans

If you’re in need of some new equipment or are planning to upgrade existing equipment, an equipment finance business loan could help. 

Frequently Asked Questions

What should I be looking for in a business loan?

If you’re serious about taking out a $10,000 business loan, then it’s important to make sure you’re choosing the right one for your business. Aside from choosing a great interest rate, you might also want a loan that comes with flexibility. Here are a few things you’ll want to keep an eye out for: 

Fees  

As a business owner, the last thing you want is to be tied up in fees. When it comes to business loans, some of the most common fees you may come across are: 

  • Application fees - This is a one-off charge you’ll pay at the start of your loan, which can be quite pricey. One other thing to keep in mind is that application fees can be written as either a dollar figure or as a percentage of the total loan amount.  
  • Service fees - Think of these as a maintenance fee to keep your loan ongoing - service fees can either be charged on an annually or monthly. 
  • Late payment fees - If you ever miss a repayment, you could be charged a late payment fee. 
  • Valuation fees -This is a fee charged by the lender to determine the true value of your business. 
  • Exit fees - If you manage to pay off your loan before the set term, your lender may charge you an exit fee. 

Repayment frequency

Many lenders may offer the option to make your repayments on a schedule that best suits your business. This could be monthly, fortnightly, weekly and in some instances, daily. 

Features

And if you’re committed to paying off the loan as fast as you can, then you might want to look into repayment features, like having the power to make additional repayments to your loan. By making these extra repayments, you could also save on interest. But of course life can be pretty unpredictable, especially as a business owner, which is why you might want a redraw facility. If an unexpected bill falls into your lap, you’ll be able to redraw your additional repayments to cover the cost.

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

If you or your business has a poor credit history, then you might be considering a bad credit business loan. It’s important to know that Mozo does not compare bad credit loans, as they often come with excessively high interest rates. 

In this case, it might be worth using any savings your or the business may have or repairing your credit score first before applying. 

What do I need to apply for a $10,000 business loan?

Ready to apply for a $10,000 business loan? Then it’s time to start gathering some personal details. While every lender will have their own application process and may ask you to provide different details, some of the most common details you could asked for include: 

  • Your drivers license 
  • Your ABN or ACN 
  • Your financial information, such as your bank account and tax record