Live Oak Bank SBA Loans Review: Best for Businesses with Good Credit

Is Live Oak Bank legit?

Yes. Live Oak Bank is a legitimate FDIC-insured digital bank and a subsidiary of Live Oak Bancshares Inc., a publicly traded company. Founded in 2008, it’s not only an SBA preferred lender, it’s one of the top SBA lenders in the country and was named the most active SBA 7(a) lender by dollar amount and loan volume for fiscal year 2025. It provided more than $2.8 billion in funding to businesses across the country.

What makes Live Oak Bank SBA loans shine?

• Multiple loan options. The bank offers SBA 7(a), 504 and Express loans. It also offers USDA loans and conventional bank loans, giving customers a wide array of business loan options.
• Range of loan amounts and terms. Live Oak has SBA loans from $10,000 to $15 million, making it accessible to businesses of all sizes, and loan terms can reach up to 25 years.
• SBA preferred lender. SBA preferred lenders have the authority to make in-house credit decisions on government-backed loans. This speeds up the process and could mean you see funds three to four weeks earlier than with a non-preferred lender. The company claims Live Oak Express loans could be funded in as few as 25 days.

Where Live Oak Bank SBA loans fall short?

• Not for startups. It typically requires businesses to have at least two or three years in business to qualify, so newer businesses might need to look elsewhere or try for non-SBA business loans.
• No online application. Unlike some lenders, you can’t prequalify online, so you’ll need to speak with a loan specialist from start to finish.
• No branch offices. On the other end of the spectrum, it doesn’t have branch offices for those who prefer to do business in person.
• Limited loan details disclosed. You won’t find a lot of information on its website about rates, fees and loan terms, which can make it difficult to compare with other lenders or loan options.

Live Oak Bank SBA loan details

Live Oak Bank contact info

How to qualify for Live Oak Bank SBA loans

Exact requirements depend on the type of SBA loan you’re applying for, but here are the basics:

• 650+ credit score
• Two to three years in business
• Current on all business and personal debts

You’ll also need to meet standard SBA requirements regarding the size of your business, the industry you’re in and other qualifications.

How to apply

Live Oak doesn’t have an online application process for SBA loans, so you’ll need to talk to an SBA loan specialist to apply. You can call the bank directly, or start by filling out its online form, giving a few details about your business and how much you’d like to borrow, and a loan specialist should reach out to you shortly.

How Live Oak Bank compares to other lenders

6 of 6 results

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Finder Score	Min. Amount	Max. Amount	APR	Requirements
Promoted Finder score 9.9 Excellent Pinnacle Funding	Finder score 9.9 Excellent	$5,000	$3,000,000	Varies by loan type	6+ months in business, 525+ credit score, $180,000 in annual revenue	Apply in minutes with funding as fast as 24 hours and zero impact to your credit score.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.5 Excellent Lendzi	Finder score 9.5 Excellent	$5,000	$20,000,000	Varies by lender	Minimum credit score of 580, minimum annual revenue of $120,000, preferably one to two years in business	Compare lending options and get funded fast.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.5 Excellent Fundera business loans	Finder score 9.5 Excellent	$2,500	$5,000,000	Varies by lender	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore info Compare product selection Compare	loading
Finder score 8.9 Great Best Money	Finder score 8.9 Great	$5,000	$5,000,000	Varies by lender	Depends on the lender	Apply in minutes. Get funded fast.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.6 Excellent Lendio business loans	Finder score 9.6 Excellent	$1,000	$5,000,000	Varies by lender	Operate business in US for 6 months or more, have a business bank account, minimum 580 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.6 Excellent Advance Funds Network	Finder score 9.6 Excellent	$10,000	$5,000,000	Varies by lender	6 months in business, at least $10,000 in monthly revenue	A range of funding options for your business	Go to siteMore info Compare product selection Compare	loading

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What is the Finder Score?

The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.

Read the full breakdown

Live Oak Bank reviews and complaints

There are very few Live Oak Bank reviews and complaints on the Better Business Bureau (BBB), and they’re all negative. But none of them have anything to do with Live Oak SBA loans — they mostly refer to banking issues or customer service.

The bank has far better ratings on Trustpilot, with 78% of reviewers giving it 5 out of 5 stars. Still, reviews specifically about SBA loans are scarce. One customer said the SBA loan process seemed complicated, but Live Oak simplified and sped up the application process. Another person claims that Live Oak tries to “trick you into an SBA loan.”