Live Oak Bank is a financial institution that specializes in small business loans and online banking services. The bank has received numerous reviews from customers who have used its services. These reviews provide valuable insights into the bank’s strengths and weaknesses, and can help potential customers make informed decisions about whether to do business with Live Oak Bank.
Live Oak Bank has received positive reviews for its online banking platform, which allows customers to manage their accounts from anywhere at any time. Customers have praised the platform for its user-friendly interface, ease of use, and convenience. The bank also offers a mobile app that allows customers to check their account balances, transfer funds, and pay bills on the go.
In addition to its online banking services, Live Oak Bank has also received positive reviews for its small business loan offerings. The bank specializes in loans for a variety of industries, including healthcare, agriculture, and renewable energy. Customers have praised the bank’s loan officers for their expertise and willingness to work with borrowers to find the best loan options for their businesses. Overall, Live Oak Bank reviews suggest that the bank is a reliable and trustworthy financial institution that provides valuable services to small business owners.
Live Oak Bank Reviews
Live Oak Bank is a digital bank that offers a variety of financial products and services, including personal and business savings accounts, CDs, and loans. Here are some pros, cons, and customer reviews of Live Oak Bank.
Pros of Live Oak Bank
- Competitive interest rates: Live Oak Bank offers some of the highest interest rates in the industry for its savings accounts and CDs.
- No monthly fees: Live Oak Bank does not charge monthly maintenance fees for its accounts.
- User-friendly online platform: Live Oak Bank’s website and mobile app are easy to navigate and use.
Cons of Live Oak Bank
- Limited product offerings: Live Oak Bank only offers a few financial products, such as savings accounts, CDs, and loans.
- No physical branches: Live Oak Bank is an online-only bank, so customers cannot visit a physical branch for assistance.
- High minimum deposit requirements: Some of Live Oak Bank’s accounts require a high minimum deposit to open.
Customer Reviews of Live Oak Bank
- Positive reviews: Many customers praise Live Oak Bank for its competitive interest rates, user-friendly website, and excellent customer service.
- Negative reviews: Some customers complain about Live Oak Bank’s high minimum deposit requirements, lack of physical branches, and slow application process.
Overall, Live Oak Bank is a good option for customers who prioritize high interest rates and a user-friendly online platform. However, customers who prefer a wider range of financial products or the option to visit a physical branch may want to consider other banks.
Live Oak Bank Services
Live Oak Bank provides a wide range of services that cater to both individuals and businesses. The bank offers loans, checking and savings accounts, and other financial services. Here are some of the services that Live Oak Bank provides:
Business Loans
Live Oak Bank offers a variety of business loans to help businesses grow. They provide loans for working capital, equipment financing, and real estate financing. The bank also offers loans for specific industries such as healthcare, veterinary, and agriculture. Business loans are available for amounts ranging from $75,000 to $25 million.
Personal Loans
Live Oak Bank also provides personal loans for individuals. These loans can be used for a variety of purposes such as home improvements, debt consolidation, and major purchases. The bank offers fixed-rate loans with terms ranging from 3 to 7 years. Personal loans are available for amounts ranging from $5,000 to $100,000.
Checking and Savings Accounts
Live Oak Bank offers checking and savings accounts for both individuals and businesses. The bank’s checking accounts come with no monthly maintenance fees and no minimum balance requirements. The savings accounts offer competitive interest rates and no monthly maintenance fees. Live Oak Bank also offers money market accounts for those who want to earn higher interest rates on their savings.
In conclusion, Live Oak Bank provides a variety of financial services for both individuals and businesses. From loans to checking and savings accounts, the bank has something to offer for everyone. With competitive rates and no monthly maintenance fees, Live Oak Bank is a great choice for those looking for a reliable and trustworthy financial institution.
Frequently Asked Questions
Is Live Oak Bank FDIC insured?
Yes, Live Oak Bank is FDIC insured. This means that deposits made by customers are insured by the FDIC for up to $250,000 per depositor, per account ownership category.
Who owns Live Oak Bank?
Live Oak Bank is a subsidiary of Live Oak Bancshares, Inc., a publicly traded company founded in 2008. The bank’s co-founders are James S. Mahan III, Neil J. Underwood, and Chip Mahan.
What are Live Oak Bank’s interest rates?
Live Oak Bank offers competitive interest rates on its deposit accounts, including savings accounts and certificates of deposit (CDs). The bank’s rates are subject to change, but customers can check the bank’s website or contact customer service for the most up-to-date information.
Where is Live Oak Bank located?
Live Oak Bank is headquartered in Wilmington, North Carolina. The bank also has loan production offices in Atlanta, Georgia, and Austin, Texas.
What is the reputation of Live Oak Bank?
Live Oak Bank has a strong reputation in the banking industry, particularly for its focus on small business lending. The bank has received numerous awards and accolades, including being named the “Best Small Business Lending Platform” by Entrepreneur magazine in 2020.
How is Live Oak Bank rated?
Live Oak Bank has earned high ratings from independent rating agencies, including a 5-star rating from BauerFinancial and an “A+” rating from DepositAccounts. The bank has also received positive customer reviews on websites such as Trustpilot and ConsumerAffairs.
