PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
If you’re looking to finance a major project or investment for your business, chances are, you’ve heard of a Small Business Administration (SBA) loan. While applying for one of these loans with a traditional lender can take multiple months, online lenders like Live Oak Bank strive to make this process easier. Live Oak Bank provides SBA loans of up to $5 million to highly qualified and established businesses. Let’s take a look at how this lender works.
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Live Oak Bank’s application process is relatively straightforward and does not require any in-person visits or interviews. You can submit the initial application online or fill out a request to get in touch with a loan specialist over the phone. With your application, you’ll not only have to submit basic financial information, but also all of the documentation that the Small Business Administration requires. While you may be lucky enough to receive a decision within just 10 days, most applicants won’t receive an answer for 30-45 days.
In order to qualify for a Live Oak Bank business loan, you should have a well established business with a strong financial background. Because borrowers must meet all SBA loan requirements, getting a Live Oak Bank business loan can be tricky if your business is brand new or hasn’t been doing well lately.
Your business should have at least three years of operations under its belt, as well as a high enough annual revenue to cover all of the loan payments, and no bankruptcies or outstanding tax liens. Your business should also be a part of one of the industries that Live Oak Bank services.
While Live Oak Bank has an established reputation and offers some of the most affordable business loans in the industry, their terms and fees will depend on the borrower’s qualifications, and so depend on who is borrowing, the size of the loan and the length of the repayment term.
Although Live Oak Bank is not accredited by the Better Business Bureau (BBB), few negative reviews have been lodged against it. Generally, having a BBB accreditation is a sign that a business is legitimate. Despite not having this accreditation, however, Live Oak Bank is a reputable SBA-approved bank that deals with a high volume of business loans.
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While borrowers may have faster access to cash with OnDeck, Live Oak Bank offers large business loans with significantly lower interest rates and longer repayment terms. Borrowers also have access to a higher amount of funding, with some loans reaching as high as $5 million.
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Although borrowers have access to many different lenders through Lendio, Live Oak Bank provides a variety of lending services and a wide range of loan amounts. In addition, Live Oak Bank’s interest rates are pretty tough to beat, especially when it comes to online lenders and exclusively web-based applications.
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Live Oak Bank provides a significantly wider range of loan amounts to businesses looking to finance major projects. If you’re able to wait the extra few weeks to receive your funds, you’ll also likely be borrowing at a lower interest rate than with Fundation.
Live Oak Bank offers several different means of communication, including email, telephone, and social media accounts. If things go awry, reaching a Live Oak Bank representative shouldn’t be any problem.
If you’re looking for an SBA loan and want to skip the hassle of working with a traditional bank, Live Oak Bank could be the right lender for you. With an established reputation, flexible repayment terms and a streamlined application process, it could be worth taking a look at this lender if you do meet the minimum SBA qualifications. No matter what your financial status is, however, it’s always a good idea to submit at least a few different applications in order to evaluate multiple offers before deciding on the loan that’s right for your business.
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