Live Oak Bank Reviews 

As a Business Broker, I work with several banks and their representatives. The Live Oak team led by Nick Padio and Sandy McGrath recently led the way through getting an SBA loan funded for a successful IT company acquisition. The unusual combination of a short approval timeframe with a hard deadline required a strong team approach. Both Nick and (especially) Sandy stood on their heads to get it done. I am extremely grateful.

My experience with Live Oak for an SBA loan was very smooth and easy. The team that I worked with (Megan and Maggie) was very responsive and fantastic to work with. I would def recommend for your SBA loan needs.

I ended up working with live oak after my first lender dropped the ball with my SBA loan. I had to pivot and I worked with Dawn & Kelly from Live Oak and couldn’t have been happier. The SBA loan process is daunting but I had weekly calls with main ticket items highlighted and clear communication. We closed today and honestly it was such a great experience and after starting the process with a bank that did almost everything wrong it was a joy to work with Live Oak Bank that did everything right. I can’t thank Dawn & Kelly enough. Thank you ladies. I’m glad you were part of my team!!

Excellent customer service helping with each and every step in loan process. Brandon and Greco are the best at what they do.

Live Oak Bank was a delight to work with. They have a great understanding of my business and were quickly able to find a loan product that would provide exactly what I needed in order to fulfill a business acquisition. Everything was seamless from their team, communication, and easy to work with. I recommend Live Oak Bank for all of your business financing and funds needs. A+ in my book.

I recently took out a SBA loan with Live Oak Bank, and I have to say, the experience exceeded my expectations. From the moment I began the process, Catie, Melissa, and Meredith were incredibly helpful, professional, and transparent every step of the way. They took the time to explain the terms clearly, answered all my questions, and made sure I felt comfortable throughout the entire process.

What I truly appreciated was their open communication. They kept me updated on everything and made sure I understood all the details, which made the loan experience stress-free. Their genuine care for my needs was evident, and I’m grateful for the excellent service they provided. If you’re considering a loan, I highly recommend working with this team – they truly go above and beyond!

We have had nothing but problem after problem since the day we signed for our Business Loan.
I do not feel that all the details were given to us prior to closing, things we would now know as first time business owners. We had many meetings and plenty of communication for information to be given in full detail before the closing date. Once we closed, its like those who helped get us to that day were washed clean and we were pushed to the next person in line.
Our funds were not directed to the correct accounts, and we has to wait even longer to get them. Internal error. Though both parties of the loan signed all the contracts an paperwork, only one was put on the actual bank accounts and here we are 6 weeks later and still the other party has not been added, making banking difficult.
Being as they are an online bank only, there is no personal relationship with the bankers and moving money from local holding accounts to the bank has been proven to be quite the task.
While they are quick to respond and have "answers" or excuses for the issues, I feel that they could be accountable and pay more attention to the detail of their business dealings.

What should have been a straightforward savings account application turned into a nightmare. After providing Live Oak Bank with my external funding bank's routing and account number, Live Oak sent two small deposits via their MK technologies platform—5 cents and 2 cents—along with all the necessary identification numbers for confirmation, which I returned to them as they had requested for complete verifications.

But then things took a worrying turn; they either lost track of their own money or couldn't find the verification I sent back. I had to call several times to sort out the transactions and no one on their end seemed to know what had gone wrong. On another occasion, after facing numerous delays, a representative said he had contacted his supervisor who then instructed me to resubmit my application, which I did.
Subsequently, they acknowledged having my application on file and that it was under review, even though my high credit rating of 844 remained unchanged. Despite already possessing my external funding bank's account name, routing, and account number, they improperly requested my external account's username and PASSWORD.
The guidance from authorities, coupled with common sense for protecting one's financial information is clear: "Banks have the right to request your full name, Social Security number, or bank account number, but they should never ask for your password. Your password is private, known only to you."
Every bank I have ever dealt with has explicitly stated, "NEVER GIVE OUT YOUR PASSWORD TO ANYONE." Even their employees will never request it, and you should always safeguard your bank account information. This incident with Live Oak Bank is distressing, and their disregard for their account holders' security is disconcerting.
I am not alone in this experience, as many others have reported similar issues. Regardless of the problems, Live Oak's response remains the same: They will pass the information along to their staff and instruct you to continuously call the same number, resulting in a waste of your time and causing immense frustration, as no one seems capable of rechecking the information you've already provided.
Additionally, the platform they use with MX Technologies is cause for concern. If they misplace the proof of the bank's transactions or if there is a disconnect within their operations, that is equally alarming.
This whole debacle is becoming increasingly worrisome for any applicant who initially thought their information was secure. It is concerning that they have already violated, or attempted to violate, the trust of their prospective customers.

The bank should be assuring depositors that their money is safe and that they maintain a healthy balance sheet without overextending bad loans. If they are fixated on verifying an external account, it begs the question of why they sent two trial deposits in the first place if they cannot use them for the intended purpose of validation.

The bank should be assuring depositors that their money is safe and that they maintain a healthy balance sheet without overextending bad loans. If they are fixated on verifying an external account, it begs the question of why they sent two trial deposits in the first place if they cannot use them for the intended purpose of validation.
The bank should be assuring depositors that their money is safe and that they maintain a healthy balance sheet without overextending bad loans. If they are fixated on verifying an external account, it begs the question of why they sent two trial deposits in the first place if they cannot use them for the intended purpose of validation.
Therefore, unless a person wants to voluntary give up their financial rights of protection from possible spam, scam or future fraud, (WHICH THEY SHOULDN'T) as warned and indicated above per financial authorities, the TWO TRIAL DEPOSITS are sufficient to prove account ownership, especially for what should be a simple savings account, and not like a loan.
Now, what you should be doing is, insuring your savings account customers are, their good money is safe from possible questionable loans that may jeopardies their savings and a questionable bank balance sheet thereof.
What has happened in some other financial situations that had bad effects on the innocent and injured party, where the judge said; The injured should have never given out more of their personal info than required under the circumstances!
Especially in these times of unprotected safeguards fFrom any and all banks, NEVER GIVE OUT YOUR BANK PASSWORDS TO ANYONE, AND BE MORE AWARE OF ANY AND ALL THAT WOULD DARE.
from everywhere.

Heather was incredible. She joined the loan team while in flight and got up to speed very quickly. She took full ownership and got it closed on time.

Live Oak coached me through every phase of the SBA loan process. They have been instrumental in helping my startup get set up for success.

We recently went through the loan process with Live Oak and were beyond impressed with our closing officer, Chris Siebbeles. He was extremely professional and patient with us and went above and beyond to answer our many questions throughout the week, nights, and weekends. With an acquisition process that involves so many moving pieces it felt like a roller coaster, yet he kept us organized with regularly updated to do lists and provided assistance and guidance whenever we needed it. It felt like he understood how important this purchase was to us and was invested in helping us get to the finish line.

I originally had found and went with Live Oak because I read that the bank is familiar with franchise purchases (which held true), but I would return to them a second time around or refer them because of Chris.

Live Oak did a great job with assisting our loan.

SBA process is complicated. The loan manager would tell me one thing during meetings and immediately switch and tell me another by the next meeting. For a business loan it made it very hard to plan and I was constantly frustrated. Thankfully I had the support of the VP of small business lending to put pressure and help sort things out. Without him, my loan likely would not have closed.

incomparable assistance and feedback, the whole process was made easier by the team assigned and their contact to complete the loan process and continue billing.

Live Oak Bank got the SBA loan for my veterinary hospital done quickly and efficiently - with pro service at every level as I worked through application, loan approval, underwriting and credit approval. They were as good a deal, rate-wise as anyone, but the pro service and peace of mind of partnering with a SBA preferred lender was priceless. Way to go, LOB! Thank you!

Live Oak’s people are what made it work for me. From sales to the bank end, everyone was not only friendly and VERY responsive, but they “held my hand” so to speak and felt like team partners getting it done.

Live Oak was extremely helpful in assisting our company with our SBA loan transaction. I would highly recommend Nick and his team for any company's lending needs.

Everyone we worked with throughout our SBA loan process was wonderful.
Very organized and a pleasure to work with!

Live Oak has the best customer service I have ever experienced with a bank.

This is our second loan with them and we have NEVER had a less than completely positive experience with them on anything. ESPECIALLY during COVID when they bent over backwards to help us get through a very challenging time.

They take dealing with the SBA ( a cumbersome and bureaucratic process) and make it as seamless as possible.