One Park Financial 2023 Review
One Park Financial Review - Pros, Cons and Options
One Park Financial aims to help small businesses, even those with a less-than-stellar credit history, receive business funding at a fair price.
Finding financing as a small business owner is difficult, but it is even more frustrating if you have experienced personal financial troubles. Bankruptcies, tax liens, or poor credit scores can greatly decrease your chances of qualifying for the funding your business needs to thrive.
With most traditional lenders, black marks on your personal credit report can be an automatic disqualifying factor when you apply for a loan. This leaves many small businesses in desperate need of funds to pay taxes, make payroll, purchase equipment, or take on new opportunities out in the cold.
When One Park Financial was founded in 2010, it aimed to bridge the gap between those small business owners who were underserved by traditional lenders and the funding they needed, helping those small businesses thrive.
One Park Financial is not a direct lender; instead, they match their customers with their approved lending partners. These lending partners offer loans and other financing to small businesses who might otherwise not qualify at traditional banks.
Funding is available from $5,000 to $750,000, so most small businesses get the amount they need to cover their expenses.
They tout the quick turnaround time - an average of just 24 hours to approval - and lower amount of paperwork among their main selling points. Additionally, One Park Financial says some of its funding options put cash in your hands in as little as 72 hours after your loan is approved, meaning you can pay your bills faster and with less hassle.
One Park Financial: What You Need to Know
One Park Financial offers a variety of funding options to small businesses through its network of more than 20 lenders, though the main product they advertise is merchant cash advances.
For most loan programs available through One Park Financial, business owners must have been in business at least three months, have a personal credit score of at least 450, and bring in at least $2,500 in monthly revenue. Some lenders may be more flexible with these requirements.
By filling out an application with One Park Financial, your information gets sent to all their partner lenders for evaluation. You are then given the best options for funding to choose from, and you continue your relationship directly with the lender you choose.
There is no cost to using One Park Financial’s services, but they do receive commissions from the lenders after funding is processed.
Average terms for loans available from One Park Financial’s partners range from three to 12 months. They do report your funding activity to credit bureau TransUnion, so you may see some impact to your personal credit score by working with One Park Financial.
Because the funding available through One Park Financial’s partners is largely short-term in nature, the fees are likely to be higher than you might find for a longer-term loan at a traditional bank.
How Does One Park Financial Work?
One Park Financial is not a direct lender, so they make no actual decisions about your qualifications for a loan, nor do they manage any small business financing.
Instead, they are a lender matching service that connects borrowers with non-traditional lenders looking to loan money. Once a lender has borrowed from one of One Park Financial’s partner lenders, they receive a professional fee from the lender.
As a small business owner, you fill out one quick, easy application and may qualify for funding from any of One Park Financial’s partners. This application is, according to the company, less intensive and paperwork-heavy than the applications at many other lenders.
One Park Financial then sends your information to its network of lenders, looking for the right match. It builds a list of options available to you, sending it back for you to choose from.
Once you have chosen a lender, you work directly with that lender and not with One Park Financial. All final processing and qualification decisions are that of the individual lender, and you repay the lender - not One Park Financial - for the loan.
One Park Financial prides itself on helping those small business owners who may not otherwise qualify for funding, so the qualifications its lending partners look for often are lower than what you’d find elsewhere.
That allows you greater access to the cash you need to keep your business afloat.
Where Is One Park Financial Available?
One Park Financial provides loan matching in all 50 states. However, not all of its lenders offer funding in all 50 states, so you may not be able to access all its partner lenders depending on which state you live in.
How Much Does One Park Financial Cost?
To match you with potential lenders, One Park Financial does not charge any fees. The lenders pay a professional fee to One Park Financial after funding is processed.
The amount you can expect to pay in interest and other fees varies greatly on your own personal qualifications for funding, how much funding you choose, and which lender you choose. Because most of what One Park Financial’s partner lenders offer is short-term financing such as merchant cash advances, interest rates and other fees will be higher than you would find at a traditional bank.
However, many customers report that the interest and fees charged on financing matched through One Park Financial is lower than that charged by many other short-term lenders.
What Funding Does One Park Financial Offer?
One Park Financial’s partner lending agencies offer a variety of mostly short-term financing to small businesses who might not otherwise be able to qualify for loans. One Park Financial largely advertises that its lenders provide merchant cash advances, but there may be other types of funding available depending on the lender.
Some of the funding that may be available to small businesses through One Park Financial include:
Merchant Cash Advances
For businesses that process payments through credit and debit cards, such as retail businesses, merchant cash advances are a way to receive funding now based on your future expected processing.
You receive a lump sum of advanced financing, and the lender then takes a portion of your credit and debit card receipts until the debt is repaid. Merchant cash advances usually are paid on a daily or weekly basis, depending on your business cycle.
They can come with relatively high fees, but they do have shorter repayment terms so you aren’t spreading the payments out over several years.
Unsecured Term Loans
If you have decent credit but little collateral to put up, you may qualify for an unsecured term loan.
This is a loan that you pay back over a series of months or years and which is backed only by your personal creditworthiness or your business’s history of success. You do not have to put up collateral such as equipment or even your personal home to receive this loan.
Because these loans are more risky for lenders, as they cannot simply collect any collateral if you default and sell it for profits, unsecured loans tend to carry higher interest rates.
Secured Term Loans
The opposite of an unsecured term loan is a secured term loan.
This is what’s typically thought of as a “traditional” loan, in that the borrower has to put up some sort of asset in order to receive the loan. Collateral can be business equipment, real estate, vehicles, or other items of value.
If the borrower defaults on the loan, the lending company can seize the collateral and sell it in an attempt to recoup some of the loan’s amount.
Lines of Credit
A business line of credit is different from a traditional loan or other method of financing in a few ways.
First, you are extended a line of credit up to a certain amount. You do not have to take that full amount initially. You can elect to take only part of what you qualify for so that your interest rates and monthly payments are lower. You also may withdraw from your line of credit as many times as you wish, based on the terms of your line of credit.
Second, lines of credit can replenish themselves as you make payments. If you initially withdraw $10,000 from a $50,000 line of credit, you are left with $40,000 after this draw. After you’ve made some payments, you’ve repaid $5,000 of that initial draw, and your available line of credit is now $45,000.
If you have a higher credit score, you may qualify for a lower interest rate on your line of credit.
However, overall interest rates for lines of credit is higher than for traditional loans.
One Park Financial Business Financing Features
- Founded in 2010
- A+ rating with the Better Business Bureau
- Marketed specifically for small business owners and those who have had financial difficulties
- Available in all 50 states
- Quick and easy application
- Less paperwork to fill out than other loan companies
- They do all the funding comparison shopping for you
- No cost to you to use One Park Financial
- More flexible lending requirements, including minimum credit score of 450, minimum time in business of 3 months, and minimum monthly revenue of $2,500
Pros and Cons of One Park Financial Business Funding
Here are some pros and cons of choosing One Park Financial for business financing:
- Founded in 2010, so more established than some of the newcomers
- A+ rating with the Better Business Bureau
- Aimed for small business owners and those with poor credit history or financial difficulties
- Available in all 50 states
- One easy application gets sent to more than 20 potential lenders
- No cost to business owners to use
- More flexible lending requirements, including a minimum credit score of 450, minimum time in business of 3 months, and minimum monthly revenue of $2,500
- Variety of funding options for all needs
- Excellent customer service
- Great customer reviews
- Quick funding turnaround
- Short-term funding means higher interest rates
- Not all lenders available in all states
- Not very transparent about terms and fees
- One Park Financial has no control over how much lenders charge you for interest and fees
- They are not a direct lender, so you cannot receive support from them if you’re unhappy with your lender
One Park Financial Customer Reviews
Overall reviews for One Park Financial are overwhelmingly positive. Consumer review site Trustpilot has more than 250 reviews for One Park Financial, giving them an average star rating of 4.5 out of 5.
“One Park Financial was there for me when I needed working capital. They understand your needs and work tirelessly to get you the financing your company needs. They are the best and I hope to have a long relationship with them. I highly recommend One Park Financial.” - Osemerie E.
“Super fast and friendly service but fees are high.” - Jonathan
“If you like getting bombarded with 15 calls within 2 hours, pressured into signing loan paperwork without being afforded the time to read it, and when you ask to have the time to make sure this is what you wanna do then THIS COMPANY IS FOR YOU!!!
I did at the end of the day choose to go with this borrower, however when I was STILL TRYING to make the loan work for me, I was directly told by a representative I’d asked multiple times not to work with him because of his high pressure sales tactics; I was sent in a message:
“The $25 a day is the best that I can do Curtis. It's only 5 dollars more a day compared to what you are looking for. I am sure you can make it happen.”
If I could make it happen comfortably I would v be asking. What a joke. Rude people who pressure the deal.” - Curtis
“As we have already secured funding, one park financial continuously calls/emails/texts after telling many people to put me on the do not call/contact list. There have been 64 attempts at contact over the last month a lone and this has been going on for 2 months at least. I have told numerous people I am not interested and have already secured funding but the calls and texts do not stop!” - Ryan
How to Apply for One Park Financial Business Financing
- Visit www.oneparkfinancial.com.
- Fill out the form with your business’s name, time in business, your estimated monthly revenue, and contact information.
- Your application is sent to One Park Financial who helps to pre-qualify you for funding through its partner lenders. You are presented with a list of funding options.
- Select the funding option that best meets your needs and One Park Financial connects you with that lender.
How to Contact One Park Financial
Address: 3390 Mary Street Suite 216 Coconut Grove, FL 33133 **Customer Service: **(888) 327-6196 **Email Support: **[email protected] **Website: **www.oneparkfinancial.com Facebook: https://www.facebook.com/oneparkfinancial **Twitter: **@1ParkFinancial LinkedIn: https://www.linkedin.com/company/one-park-financial/ YouTube: https://www.youtube.com/channel/UCLbRwJ0G_PJR4tiC3_N8zbQ
Does One Park Financial Offer Other Kinds of Loans?
One Park Financial only matches small business owners with lenders. They do not offer other types of loans.
One Park Financial Review – Summary
As a small business owner, you face a lot of daily challenges. For many small business owners looking for funding, battling against the rigorous requirements made by traditional banks and lenders is one of those challenges, making it frustrating and difficult to help your business succeed.
To bridge the gap between small business owners and lenders, especially those small business owners who may have poor credit, One Park Financial created its lender matching company.
You enter your information into one easy application, and One Park Financial sends that off to its more than 20 partner lenders. If you meet their requirements, you can receive funding to help you pay bills, buy new equipment, expand your offices, or any other things your business may need quick cash for.
Many people receive approval within 24 hours of applying, and have their cash in hand 72 hours after approval.
This quick turnaround gives you the flexibility you need to respond to those little - and big - emergencies that may pop up for your business.
For those small business owners who may have bad credit scores, have a bankruptcy or two on their record, or have some other financial judgment against them, One Park Financial aims to help them get business funding with less frustration.
Frequently Asked Questions
How Does One Park Financial Match Me with Lenders?
One Park Financial looks at your personal qualifications, the amount of money you’re wanting to borrow, and the requirements of each individual lender in matching you with a lender.
If I Have a Problem with My Lender, Can One Park Financial Help?
No. Once you have been matched with a lender, One Park Financial’s involvement is finished. If you have complaints about your lender, you need to take them through the proper channels directly with that company.
Does It Cost Anything to Use One Park Financial?
For borrowers, using One Park Financial is free. They receive their payment only after your loan has been processed, and that money comes from the lender and not from you.
Reviews for One Park Financial
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1 out of 5 stars(1 Reviews)
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|Credit Score Required|
|Minimum Loan Amount||$5,000|
|Max Loan Amount||$500,000|
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