One Park Financial Review

About One Park Financial

One Park Financial is a lending institution committed to providing accessible business funding solutions for small and mid-sized businesses. The company understands the challenges faced by entrepreneurs and small business owners who may not qualify for traditional bank loans or require a quicker funding process. With a focus on efficiency, One Park Financial helps small businesses to bridge the gap between businesses and working capital, ensuring that entrepreneurs have the financial support needed to fuel their business success.

The company prides itself on a streamlined application process, enabling businesses to prequalify in minutes and receive funding in as little as three business days. One Park Financial works by collaborating with affiliated and nonaffiliated third-party funders, it endeavors to cater to a diverse range of businesses, including those with less-than-ideal credit scores. With a commitment to transparency and a belief in their clients' success, One Park Financial positions itself as a reliable partner in the quest for timely and hassle-free business funding.

Key Features

1. Prequalification Assessment. Prospective clients can undergo a prequalification assessment in minutes, providing a swift and straightforward initial step in the funding process.

2. Working Capital Support. Recognizing the diverse needs of businesses, the funding obtained through One Park Financial can be used for various purposes, such as purchasing inventory, covering payroll, paying taxes, or expanding operations.

3. Varied Funding Programs. The company offers a range of funding programs with different term lengths, typically ranging from $5,000 to $500,000. The specific amount available depends on factors like business strength and unique circumstances.

4. Transparent Fee Structure. One Park Financial discloses its fee structure openly. Clients may encounter origination fees from funding partners, and the company charges a professional service fee only upon successful funding.

5. Cancellation Option. Clients have the right to cancel their contract within seven days of signing it, providing a level of flexibility and assurance.

6. Discounts for Early Payment. One Park Financial rewards clients who opt to pay back their advances early by offering reduced fees, aligning the company's success with that of its clients.

7. No Confession of Judgment. The company does not request clients to sign away their rights to due process under the law, emphasizing fairness and legal transparency in its operations.

8. Non-Direct Strategy. One Park Financial operates as a loan marketplace and is not a direct lender. While the platform connects businesses with funding opportunities from various lenders, some borrowers may prefer the direct lending model for a more straightforward relationship. The intermediary role introduces an additional layer in the borrowing process, potentially impacting the speed and direct communication often associated with direct lenders.

Pros and Cons

Pros

Cons

Reliability

One Park Financial stands out as a reliable business funding partner, backed by a strong track record and positive testimonials from its clients. The company boasts an impressive Trustpilot rating of 4.7 stars, based on a substantial total of 1,895 reviews. This high rating is a testament to the satisfaction and trust that a significant number of clients have placed in One Park Financial's services. The positive feedback on Trustpilot highlights the company's commitment to delivering on its promises, providing efficient and effective funding solutions to businesses seeking working capital.

In addition to its favorable One Park Financial reviews, it further solidifies its reliability through its accreditation with the Better Business Bureau (BBB). The company holds an A+ rating, showcasing its commitment to ethical business practices and customer satisfaction. BBB accreditation is a significant credential, indicating that One Park Financial meets stringent standards of transparency, responsiveness, and integrity. Businesses looking for a funding partner can find assurance in One Park Financial's positive reputation and recognition from reputable organizations like Trustpilot and the BBB, reinforcing the company's reliability in the competitive business funding landscape.

How to Apply for a One Park Financial Loan?

1. Prequalification Assessment. Begin by initiating a prequalification assessment on the One Park Financial website. This initial step allows you to quickly determine your eligibility and potential funding options. The prequalification process typically takes just a few minutes, streamlining the initial phase of your application.

2. Consultation with Funding Expert. After completing the pre-qualification, you'll have the opportunity to consult with a funding expert from One Park Financial. This step is crucial for discussing your unique business situation, understanding the available funding programs, and exploring tailored solutions that align with your needs.

3. Document Submission. To proceed with the application, you'll need to submit a few essential documents to confirm your identity and business specifics. Typically, this includes providing a valid photo ID, recent business bank statements, and a voided check for funding purposes. Depending on your situation, additional documentation such as a consumer report or proof of ownership may be required.

4. Funding Options Review. Once your documents are submitted and eligibility is confirmed, One Park Financial will present you with funding options. Take the time to review the terms, including the amount offered, interest rates, and repayment terms.

5. Approval and Funding. If you are satisfied with the presented options, and upon approval, the funding process will be initiated. Funding typically takes place within 1-3 business days, ensuring you receive the working capital you need promptly.

Conditions and Requirements

Conditions

1. Business Loan Amounts. One Park Financial typically offers business funding ranging from $5,000 to $500,000, providing a flexible range to accommodate various business needs.

2. Funding Programs. The company provides a variety of funding programs with different term lengths, allowing businesses to choose options that align with their unique circumstances and financial goals.

3. Quick Funding. Once approved, businesses can expect to receive their funding in as little as 1-3 business days, ensuring prompt access to working capital for timely needs.

4. Transparent Fee Structure. One Park Financial maintains transparency in its fee structure, with no upfront fees to start the application process. Clients are charged a professional service fee only upon successful funding.

5. Cancellation Option. Clients have the right to cancel their contract within seven days of signing it, offering a level of flexibility and assurance.

6. Discounts for Early Payment. One Park Financial rewards clients for early payment by providing reduced fees, creating an incentive for businesses to manage their finances responsibly.

7. No Confession of Judgment. The company does not require clients to sign away their rights to due process under the law, ensuring fair and transparent business practices.

Requirements

1. Business Existence. Typically, borrowers need to be in business for a minimum of three months, demonstrating a level of stability and operational history.

2. Monthly Revenue. Businesses are generally required to have a minimum gross monthly revenue of at least $7,500, indicating a certain level of financial activity.

3. Credit Score. While One Park Financial is willing to work with businesses that may not have a perfect credit score, there is often a minimum credit score requirement of 500.

4. Documentation. Borrowers need to submit essential documents during the application process, including a valid photo ID, recent business bank statements, and a voided check for funding purposes. Additional documents, such as a consumer report or proof of ownership, may also be requested based on individual circumstances.

5. Business Purpose. Applicants should clearly outline the purpose for which they seek funding, whether it's to cover operational expenses, purchase inventory, manage payroll, pay taxes, or support business expansion.

6. Eligibility Discussion. Engaging in a consultation with a funding expert is a crucial step where borrowers can discuss their unique situation, understand available funding programs, and explore tailored solutions.

Ways to Receive the Money

1. ACH Transfer to Business Bank Account. The most common method is through an Automated Clearing House (ACH) transfer directly to the business's bank account. Once the funding is approved, the agreed-upon amount is electronically transferred to the provided business checking account. This method ensures a quick and secure transfer, allowing businesses to access the funds promptly.

2. Wire Transfer. For businesses that prefer an expedited transfer method, One Park Financial may offer wire transfer as an option. Wire transfers are known for their speed and efficiency, making them suitable for businesses with urgent funding needs. However, it's essential to note that wire transfers may involve additional fees.

3. Payment to Suppliers or Creditors. One Park Financial may also work directly with suppliers or creditors to disburse the funds on behalf of the business. This can be advantageous for businesses looking to use the funds to settle specific payables or operational expenses directly.

Products

1. Business Loans (from $5,000 to $500,000). One of the primary financial solutions provided by One Park Financial is business loans. Through a streamlined application process and partnerships with affiliated funders or nonaffiliated third-party funders, One Park Financial strives to bridge the financial gap for businesses. These business loans are tailored to support various operational requirements, including purchasing inventory, covering payroll, paying taxes, or supporting overall business expansion.

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Reasons for Getting Rejected for a One Park Financial Loan

1. Credit Score Below Minimum Requirement. One Park Financial typically sets a minimum credit score requirement for loan eligibility. If an applicant's credit score falls below this threshold, it may result in the rejection of the loan application.

2. Insufficient Business Revenue. The company often requires businesses to have a minimum gross monthly revenue to ensure their ability to repay the loan. If the business's revenue does not meet the specified criteria, it could lead to a rejection.

3. Limited Time in Business. One Park Financial may have a minimum requirement for the time a business has been in operation. If the business has not been operating for the specified duration, the application may be declined.

4. Open Bankruptcy. If a business is currently undergoing bankruptcy proceedings, it may be grounds for rejection. One Park Financial, like many lenders, may prefer working with businesses that are not actively in an open bankruptcy case.

5. Outstanding Tax Liens. Outstanding tax liens against the business could lead to a rejection of the loan application. Lenders often assess the financial health of a business, and tax liens may raise concerns about repayment capacity.

6. Failure to Meet Basic Eligibility Criteria. If the applicant fails to meet the basic eligibility criteria set by One Park Financial, such as minimum time in business, revenue requirements, or credit score thresholds, the loan application may be declined.

7. Issues with Collateral. Depending on the type of loan or funding option, the business may need to provide collateral. If there are issues with the collateral or it does not meet the lender's requirements, it could lead to rejection.

8. Negative Reviews or Feedback. One Park Financial may consider the overall reputation of the business, including any negative reviews or feedback. A negative online presence or reviews suggesting financial instability could impact the loan approval process.

How to Repay a One Park Financial Loan?

1. Automatic Repayments. One Park Financial often facilitates automatic repayments. Once the funding is received, borrowers can set up an Automated Clearing House (ACH) authorization, allowing the agreed-upon daily or weekly payments to be automatically debited from their business checking account. This automated process simplifies repayment and ensures that payments are consistently made on schedule.

2. ACH Debits. Repayments are typically made via ACH debits, which involve the automatic withdrawal of funds from the borrower's business bank account. This method streamlines the repayment process and reduces the risk of missed or late payments.

3. Funding Repayment from Daily Sales. For businesses with irregular revenue streams, One Park Financial may structure repayments based on a percentage of daily credit card sales or overall daily sales. This flexible approach aligns repayments with the business's cash flow, making it more manageable during slower periods.

4. Fixed Daily or Weekly Payments. Borrowers are often required to make fixed daily or weekly payments, ensuring a consistent and predictable repayment schedule. This structure allows businesses to plan their finances accordingly and budget for loan repayments.

5. Prepayment Option. One Park Financial typically allows businesses to prepay their loan, offering an option for early repayment without incurring additional fees. The company may even provide reduced fees for borrowers who decide to pay back their advances ahead of schedule, encouraging responsible financial management.

6. Discounts for Early Payment. One Park Financial rewards businesses for early payment by providing reduced fees. This serves as an incentive for borrowers to settle their advances early, contributing to the overall cost-effectiveness of the repayment process.

7. Flexible Repayment Terms. The company offers various repayment terms, ranging from 4 to 12 months, depending on the specific funding program. This flexibility allows borrowers to choose a repayment schedule that aligns with their business's cash flow and financial capacity.

8. Continuous Communication. One Park Financial emphasizes clear communication throughout the repayment period. Borrowers can contact the merchant success team for any inquiries, or assistance, or to discuss potential adjustments to the repayment plan based on their evolving business needs.

Alternatives

OnDeck stands out as a top choice for short-term business loans, offering the flexibility of borrowing substantial amounts even with a minimum credit score as low as 625. The appeal extends to the quick approval process, with the possibility of accessing funds on the same day as approval. OnDeck emphasizes the opportunity for borrowers to enhance their business credit through timely loan payments.

Taycor Financial specializes in equipment loans, providing businesses with affordable rates, flexible terms, and a notable absence of prepayment penalties. The use of equipment as collateral broadens accessibility, making it an inclusive option for startups or low-revenue businesses. Notably, Taycor Financial maintains a low minimum required credit score, positioning itself as a viable choice for those seeking equipment loans with less-than-ideal credit.

Wells Fargo, with its extensive network of over 7,000 physical branches across the U.S., offers a comprehensive suite of business financing solutions. This includes unsecured and secured lines of credit, SBA loans, healthcare practice loans, business bank accounts, and business credit card rewards. While providing a traditional brick-and-mortar banking experience, Wells Fargo's funding times for business loans may be longer compared to online financing options.

Fora Financial specializes in bad credit business loans, catering to borrowers with credit scores as low as 500 and without the requirement of collateral. This lender positions itself as a swift funding solution, enabling businesses to access funds ranging from $5,000 to $1,500,000 within 24 to 72 hours after approval. The financing terms are structured with flexibility, accommodating businesses with less-than-optimal credit histories.

Loans like One Park Financial

OnDeck

OnDeck stands out as an excellent choice for short-term business loans, offering the flexibility of borrowing substantial amounts, even for businesses with a minimum credit score. What makes OnDeck particularly attractive is its ability to provide funds swiftly, with same-day approval and disbursement for qualifying applicants. Moreover, OnDeck emphasizes the opportunity to build and strengthen business credit by consistently making on-time payments. The loan terms range from 18 to 24 months, with loan amounts spanning from $5,000 to $250,000. While the starting interest rate is 35.40% for a portion of customers, the accessibility and speed of funding make OnDeck a notable player in the short-term business loan landscape.

Funding Circle

Funding Circle distinguishes itself in the realm of long-term business loans by offering competitive rates, extended repayment terms, and a lack of prepayment penalties. This lending option caters to businesses seeking larger loan amounts, ranging from $25,000 to $500,000, with a reasonable starting interest rate of 11.29%. Beyond financial support, Funding Circle prioritizes efficiency, enabling businesses to access funds in as little as two business days. Notably, Funding Circle also showcases its commitment to diversity by providing funding options specifically tailored for women-owned businesses and minority entrepreneurs. The loan terms extend from 6 to 84 months, making Funding Circle a favorable choice for businesses with a more extended financial horizon.

Credibly

Credibly positions itself as a reliable source for working capital loans, particularly for businesses requiring quick funding to address immediate operational needs like payroll or inventory expenses. Notably, Credibly's working capital loans boast a rapid approval process, often providing funds in less than 24 hours. The lender exhibits flexibility by considering applicants with a minimum credit score of 500 and a willingness to look beyond a less-than-perfect credit history, provided there is a healthy annual revenue. Beyond working capital loans, Credibly collaborates with a network of lenders to offer a diverse range of financing options, including merchant cash advances, business lines of credit, equipment financing, SBA loans, and invoice factoring.

Fundbox

For startups in need of swift financing, Fundbox presents an appealing option with its business line of credit, offering up to $150,000. What sets Fundbox apart is its relatively lenient eligibility criteria, allowing new companies to qualify after just six months of operation and a minimum annual revenue of $100,000. The business line of credit provides the flexibility to withdraw funds as needed, and businesses only pay interest on the amount utilized. Additionally, Fundbox offers perks such as up to 20% off fees through its Fundbox Plus upgrade. With competitive starting interest rates ranging from 4.66% for 3-month terms to 8.99% for 6-month terms, Fundbox addresses the financial needs of emerging businesses seeking quick and accessible startup loans.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 business lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

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• GoKapital Reviews

Sources

• One Park Financial
• One Park Financial Reviews
• One Park Financial, LLC Financial Services