One Park Financial Review
Need help finding a loan?
- Date Established
- Coconut Grove, FL
- Suited for small businesses
- Suited for startups
- Easy application process
- Relaxed credit score requirements
- Relaxed borrower qualifications
- Typical time to funding: two – seven days
- Valid in all 50 states
- Potentially high factor rates
- Potentially high APR
- Opaque terms and fees
- Some additional fees
One Park Financial understands the struggle of small business owners who need funding fast. This is why the company has focused on helping small- and medium-sized businesses get quick and easy access to working capital. Since 2010, One Park Financial has helped business owners receive funding from $5,000 to $750,000 for any business purpose, from expansion to paying taxes.
One Park Financial isn’t a direct lender. Instead, the company has teamed with over 20 lending partners to provide funding opportunities to business owners who don’t qualify for traditional loan options. The company’s lending network can provide you with the working capital you need despite bankruptcies, tax liens, or poor credit scores. One Park Financial also focuses on getting the working capital you need quickly by prequalifying your business in just minutes and dispersing funds in as little as 72 hours. Documentation and borrower requirements are minimal to qualify for funding.
One Park Financial offers multiple working capital options but primarily advertises revenue-based funding. This type of funding is also known as a merchant cash advance. While qualifying for this product is easy, daily repayments, short terms, and expensive rates and fees are among the downsides. However, if you’re unable to qualify for other types of funding, this may be one of the only working capital options available to you. Keep reading to learn more about One Park Financial to determine if this business funding is right for your business.
Table of Contents
One Park Financial offers short-term funding to small- and medium-sized businesses. The company advertises merchant cash advances, although additional funding options may be available through its network of over 20 lenders.
One Park Financial has a network of lenders that can help many small- and medium-sized business owners get the funding they need, even if they’ve been turned down by other lenders. Past credit challenges, bankruptcies, and new businesses may qualify for funding.
|Time In Business:||3 months|
For most loan programs, you must have been in business for at least three months. Your business should also bring in at least $5,000 in monthly revenue. Your personal credit score should be at least 450. While personal credit is considered during underwriting, One Park Financial works with lenders that consider other factors, such as the strength of your business.
Funding is available to businesses in all 50 states. For most funding programs, personal or business collateral is not required. You can still receive funding if you have a tax lien, a past foreclosure, or a closed bankruptcy case. However, an open bankruptcy case may prevent you from getting approved for funding.
If you’re unsure that you meet all the requirements, you can reach a funding expert by phone to discuss your situation and learn about available funding programs.
Terms & Fees
Through One Park Financial’s network of lenders, you can receive between $5,000 and $750,000 to use for any business purpose. Because One Park Financial works with over 20 funders, terms and fees vary.
|Borrowing Amount:||$5,000 – $750,000|
|Term Length:||6 – 12 months|
|Interest Rate:||Varies by lender|
|Collateral:||Not required for most products|
Most products have repayment terms between six to 12 months. Your rates and fees are based on a number of factors, including past earnings, time in business, your industry, and the lender you work with. One Park Financial’s network offers products that usually have a factor rate instead of an interest rate. Payments are typically made daily or weekly through ACH withdrawals from your business checking account.
You may be charged an origination fee based on the financial product you’re approved to receive, although One Park Financial does not specify the amount of the fee. You’ll also be charged a professional service fee after you’ve received funding. Again, One Park Financial does not disclose the amount of this fee.
After you’ve prequalified for a loan, you’ll work with a funding expert to evaluate the options available to you. While One Park Financial does advertise “low competitive rates,” its interest rates, fees, and APRs are not disclosed prior to applying.
Applying for a loan through One Park Financial is simple. While you can apply by contacting a funding expert by phone, the fastest way to apply is by filling out the simple online application. The one-page application for prequalification takes just five minutes or less to complete and requires minimal information, such as your business name, the date your business was started, the estimated gross monthly sales, and your contact information.
Once you’ve submitted your application, you’ll be connected with a funding expert who will assist you through every step of the process, from qualifying to selecting the right product for your business. In most cases, an application, bank statements, a voided check, and a copy of your driver’s license are all you need to get funded. However, some borrowers may be required to submit additional documentation including proof of ownership or tax returns.
Once your application and all documentation have been submitted, funds are typically distributed within three business days following loan approval.
Sales & Advertising Transparency
One Park Financial provides enough information on its website to give prospective borrowers a good idea of what to expect throughout the application process. However, because the company works with over 20 lenders, rates, terms, fees, and specific financial products vary and are not disclosed on the website. Applicants will be unable to calculate the cost of funding or compare offers with other lenders until after an application has been submitted.
Customer Service & Technical Support
One Park Financial offers multiple ways to get in touch. Current and prospective borrowers can contact the company’s funding experts through its toll-free number or by email. Many questions can also be answered by visiting the FAQ section on the company website. One Park Financial is also active on social media and posts news and updates via Facebook, Twitter, LinkedIn, and YouTube.
Negative Reviews & Complaints
One Park Financial has received hundreds of reviews through various sites, including Google, Trustpilot, and the Better Business Bureau. Overall, reviews are favorable. However, there are a handful of negative reviews and complaints about the company and the financial products offered by its lending partners. These complaints include:
- High Cost Of Borrowing: Some applicants complained about the high rates of the offers provided through One Park Financial. It is important to note that all rates are disclosed to the customer prior to disbursement.
- Excessive Fees: Some reviewers state that their loans came with excessive fees, including a loan origination fee and service fees from One Park Financial and the lender making the offer. Again, all rates, terms, and fees are disclosed before funding is dispersed.
- Aggressive Sales Tactics: Some reviewers gave a negative review because of persistent phone calls, emails, and text messages containing loan offers.
- Borrowing Amount Less Than Preapproval: A few reviewers were disappointed that their final loan approval was for much less than what they were initially preapproved to receive. However, in small business lending, this isn’t uncommon. As a lender moves through the underwriting process, something may come up that lowers the borrowing amount or even disqualifies the applicant from being approved.
Positive Reviews & Testimonials
The overall reviews for One Park Financial are favorable. The company has 252 reviews and 4.2 out of 5 stars on Google, and 124 reviews and a rating of 8.4 out of 10 on Trustpilot. The company is also accredited by the BBB, where it has an A+ rating. Based on these reviews, customers most liked:
- Exceptional customer service
- Helpful funding experts
- Fast funding
- Easy application process
- Approval after being turned down by other lenders
If you’re facing challenges that make it difficult to get the working capital you need, One Park Financial and its lending partners may have a solution that works for your business. Low credit scores, bankruptcies, tax liens, foreclosures, or other factors that prevent you from receiving capital from traditional lenders aren’t usually a problem for One Park’s lending partners.
However, be aware that the cost of borrowing could be very high. Although One Park Financial does not disclose its range of factor rates, fixed fees, and additional fees, the company does advertise merchant cash advances, which are notoriously more expensive than other types of financing.
However, if your business is facing a cash crunch and needs working capital with minimal borrowing requirements and paperwork, One Park Financial may be an option for you. While all terms and fees are disclosed before signing your contract, the lack of this information prior to filling out an application makes it difficult to compare your options. Daily ACH payments of some products may also prove to be a burden for some businesses.
Overall, businesses that couldn’t be approved for funding elsewhere were pleased with their experience with One Park Financial. But if you want lower rates and longer terms, and you qualify for funding through other lenders, consider exploring other business loan options, such as low-interest business loans or lines of credit.