One Park Financial Review

Pros

• Financing is available for qualified startups
• Low credit score requirements
• No collateral required
• The application process is fast and easy

Cons

• Financing isn’t available in some states
• Rates can be expensive
• Some additional fees charged
• Repayments are required frequently

What Is One Park Financial?

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.

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.

Services Offered

One Park Financial offers merchant cash advances through its partnership with 20 funders. A merchant cash advance is not technically a loan. Instead, the funder will buy a percentage of your future credit card profits for a lump sum. Then it collects those payments by taking a percentage of your daily card-based sales until the terms of the advance have been fulfilled.

Unlike other loan marketplaces, One Park Financial doesn’t have an extensive selection of loan products, such as lines of credit, long-term loans, and SBA loans. It also lacks a mobile app for applying for and tracking loans on the go. For these reasons, we ranked One Park Financial a 2.6/5 for its services.

Borrower Qualifications

One Park Financial has a network of lenders that can help many small- and medium-sized businesses get the funding they need, even if other lenders have turned them down. Businesses with past credit challenges or bankruptcies and new businesses may qualify for funding.

For most loan programs, you must have been in business for at least three months. Your business should also bring in at least $7,500 in gross monthly revenue. Your personal credit score should be at least 500. While personal credit is considered during underwriting, One Park Financial works with lenders that consider other factors, such as the strength of your business.

While general requirements are disclosed, it would be nice to see more transparency surrounding borrower requirements. This lack of transparency was a contributing factor to our score of 4.3/5 for One Park Financial’s borrower qualifications.

Funding is available to businesses in 49 states without restrictions. Loans are not available to borrowers in California.

Most funding programs don’t require personal or business collateral. 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.

For relaxed credit requirements, consider Lendio:

Lendio	Apply Now Read our Review

One Park Financial Terms & Fees

Through One Park Financial’s network of lenders, you can receive between $5,000 and $500,000 to use for any business purpose. Because One Park Financial works with over 20 funders, terms and fees vary.

Most products have repayment terms between four and 12 months. Your rates and fees are based on several 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.

While it isn’t uncommon for marketplace lenders to not fully disclose all terms and fees, most provide at least a general range. One Park Financial does not provide much insight into the terms and fees of its lending partners, which greatly contributed to our rating of 3.5/5 in this category.

You may get charged an origination fee based on the financial product you’re approved to receive, although One Park Financial does not specify the fee amount. You’ll also be charged a professional service fee after receiving 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 upfront.

Some One Park Financial partners offer discounts for repaying your advance early, and most do not have repayment penalties.

Application Process

Applying for a loan through One Park Financial is simple. While you can apply by contacting a funding expert by phone, the fastest way is to fill out a simple online application.

The one-page application for prequalification takes just five minutes or less to complete; it 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. 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 disbursed within three business days following loan approval. Some lenders can provide faster funding, which is why we gave One Park Financial a still-respectable rating of 4.5/5 for its application process.

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 they apply.

While there is a lack of transparency, there are no glaring red flags surrounding One Park Financial’s sales and advertising, leading to our rating of 3.9/5.

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 email. Many questions can also be answered by visiting the FAQ section on the company’s website.

One Park Financial is also active on social media and posts news and updates via Facebook, Twitter, LinkedIn, and YouTube.

One Park Financial does lack some of the support options available through other marketplace lenders, such as a dedicated support rep, knowledgebase, and live chat feature. For this reason, we’ve given the company a rating of 2.4/5 for its customer service and technical support.

One Park Financial Reviews

One Park Financial has received hundreds of reviews through various sites, including Google, Trustpilot, and the Better Business Bureau. Overall, reviews are favorable, and the company retains an A+ rating with BBB. Based on user feedback of the company, we’ve rated One Park Financial 4.2/5 for this category.

Negative Reviews & Complaints

There are a handful of negative reviews about the company and the financial products offered by its lending partners. There have been a total of seven complaints closed with the BBB in the last three years. Common complaints include:

• High Cost Of Borrowing: Some applicants complained about the high rates of the offers provided through One Park Financial. 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. It is important to note that all rates are disclosed to the customer before disbursement.
• 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 a rating of 4.8 out of 5 on Trustpilot. The company is also accredited by the BBB. Based on these reviews, customers most liked:

• Exceptional Customer Service: One Park Financial funding experts are described as helpful and responsive, which is evident when you see that they take the time to respond to every online review.
• Fast, Easy Funding Process: From the easy application to the speedy time-to-funding, most customers find the entire funding process to be a piece of cake.
• Approval After Being Turned Down By Other Lenders: With its relaxed borrower qualifications, One Park Financial is easier to qualify for than many other MCA providers.

Is One Park Financial Right For Your Business?

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 (unless you live in California, that is).

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 before filling out an application makes it difficult to compare your options.

Overall, businesses that couldn’t get approved for funding elsewhere were pleased with their experience with One Park Financial. It is this level of service and low borrower qualifications that ultimately contributed to our overall rating of 3.5/5. However, if you want financial products with 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.

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

• Rates & Fees: 20% of the total star rating
• Services: 20% of the total star rating
• Eligibility Requirements: 20% of the total star rating
• Application: 15% of the total star rating
• Sales & Advertising Transparency: 10% of the total star rating
• Customer Support: 5% of the total star rating
• User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

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