Live Oak Bank Business Loans Review
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offers no information on its website about whether it offers loans below that maximum interest rate. But again, since it’s a Preferred Lender, you can quickly find out if you’re eligible or not and what rates you might have to pay.
Term loans
Live Oak also offers conventional business term loans, a typical business loan that isn’t backed by a government department like the SBA or USDA. Like an SBA loan, these can be used to acquire a new business or help fund an existing one.
There isn’t much information available about maximum loan amounts or rates for Live Oak’s term loans — you’ll need to talk with a representative to find out what the best funding option is for your business needs.
Live Oak Express loans
months. There are no prepayment penalties, and Live Oak also notes that this loan comes with transparent closing costs.
To speed up the process, there are simple documentation requirements during the application processes and no hard personal credit inquiries. These loans can be used for a variety of business needs like buying equipment or onboarding new staff.
Notably, while the name sounds similar to an SBA Express loan, Live Oak uses both SBA-backed and conventional loans, depending on your business. To find out what rate you’ll qualify for, you’ll need to contact the bank directly.
USDA loans
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Wells Fargo offers more diverse options for business lines of credit, including distinct options for established businesses with two years in business and options for those with less than two years of operational history.
Like , it also has loans for health care practices, including dental, veterinary, and medical offices, in addition to basic SBA loans like 7(a) and 504 loans.
Unlike Live Oak, however, Wells Fargo offers more transparent details about starting interest rates online, which can be helpful when comparing lenders.
Read more in our Wells Fargo review.
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, like , is an SBA Preferred Lender and offers similar SBA loan options. It also offers transparent details about both secured and unsecured lines of credit and conventional term loans, with competitive interest rates at and for secured business loans and secured lines of credit, respectively.
does have more stringent minimum credit score requirements compared to other lenders, but not by much, and their secured credit line for businesses under six months old can provide essential funding to new business owners who may not qualify with some other lenders.
Read more in our review.
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