One Park Financial Business Funding
One Park Financial focuses on the needs of small or new businesses that need funding fast. The company services small and medium-sized businesses, helping them gain access to capital. They facilitate funding options ranging from just $5,000 to $3,000,000 for a wide range of business purposes.
One Park Financial is not a direct lender. Instead, the company has a network of vetted sources who provide accessible funding options. As a part of this mission, One Park Financial will help those with poor credit scores, past bankruptcies, and even outstanding tax discrepancies to access funding. They also do this by using an automated process to pre-qualify your business. They can evaluate your business in a matter of minutes and funding may be available in as little as three days after you accept a funding offer.
When it comes to qualifying with One Park Financial, you generally have little to worry about. Their business documentation requirements are lax, as is their bar to entry. You can expect to get funding quickly, regardless of your current situation. The trade-off is that One Park Financial’s financials are high. You can get your funding fast working with them, but the catch is that you can expect a mix of daily repayments, high fees, short terms, higher interest rates, and high APRs as well.
One Park Financial Funding Types & Terms
Merchant cash advances the company’s most commonly accessed type of funding. The primary purpose of One Park Financial is matching small-to-mid-sized businesses with lenders who’ll provide them with merchant cash advances. Depending on their assessment of your business and your own loan requirements, they can net you anywhere from $5,000 to $750,000 in financing.
Merchant Cash Advance from One Park Financial’s Network
- Funding amount: $5,000-$3,000,000
- Term: Repayment in 6-12 months
- Requirements: Three months in business, revenue of $10,000 per month; credit score at least 500.
One Park Financial’s network of funders offer merchant cash advances that are among the most accessible on the market. While most lenders require a credit score of 600+, One Park Financial will help individuals with a credit score in the “bad” classification to find funding.
While a “bad” credit score would close many lenders’ doors to you, it won’t at One Park Financial. This is because they place more weight on your business’s financials than they do on your credit score. That being said, if your credit score is in the red, you can expect worse terms on any loan.
This funding option is available to American businesses in any of the country’s 50 states. An open bankruptcy may affect your ability to secure funding from them, but collateral is seldom required.
Pros of One Park Financial
First of all, it’s very easy to access funding from One Park Financial’s network of funding sources. Their requirements are low by any standards, and you don’t need to have accomplished much to be able to be considered by them. If you’re not sure whether you’d be considered by them, you can call them to find out.
Great Customer Support
With One Park Financial, you also gain access to helpful funding experts. The company is well-regarded for its customer support. If you have any technical difficulties or have any questions, they should be fast and helpful in solving your problems.
You can expect your funding to be available within 72 hours of approval. Getting approved is even faster, at under an hour in some cases. If you’re in a rush, you’ll appreciate the speed at which One Park Financial operates.
Cons of One Park Financial
Aggressive Sales Tactics & High Fees
Some customers complain of aggressive sales tactics at One Park Financial. The biggest downsides and annoyances, however, are related to the high cost of the service. There are a few fees associated with using their service and they are disclosed. There is a professional service fee which you’ll only have to pay after you receive your funding.
Very High Rates
One Park Financial is far from cheap. While all their rates will be disclosed to you before you receive your funding, you won’t be getting a great deal. The interest rates and APRs you receive will range widely and generally be extremely high, as is typical of online lenders. Keep in mind that should you experience difficulties paying them back, the cost of the cash advance will skyrocket.
Fortunately, everything about applying for funding through One Park Financial is simple. You have two options for your application, a phone call or a quick online application. The phone call will make the process simpler should you have any questions, but the online application is faster and about as easy.
For the online application, you just need to fill out a one-page pre-qualification page. To make this process even faster, come to the computer ready with all your business financials. The page will take 5-10 minutes to fill out and requires minimal information. You’ll need the following data:
- Business name
- Date of incorporation
- Estimated gross monthly sales
- Contact information
When your online application is completed, you’ll be connected with a funding expert. It’ll be the funding expert’s job to walk you through the process and connect you with the right funding source. At this point, you’ll be connected with your actual funder and you’ll need:
- A copy of your driver’s license
- Bank statements
- A voided check
- Some other lender-specified documentation (possibly)
Privacy & Security
One Park Financial is accredited with the Better Business Bureau and has a rating of A+. The company has been in business for 9 years and has a customer satisfaction rating of four stars with the Better Business Bureau. There is currently no reason to believe that they would use your data irresponsibly. There’s also no news of any challenges to data privacy at the company.
One Park Financial has a great customer service reputation. If you need to contact them as a customer, getting in contact should always be reasonably easy. You can reach their employees by setting up a correspondence through their Contact Us page. You can also call the company directly at 1-888-327-6196. Support is available in English and Spanish.
Like many online funding alternatives, One Park Financial doesn’t offer great rates. What they offer you is fast and simple service. As long as you know what you’re getting into, there shouldn’t be any surprises with One Park Financial.
Merchant cash advances are typically fast and easy to secure, a perk gained at the expense of a financially sound loan. If your financial plan is sound and you are willing to accept the financial risks, merchant cash advances through One Park Financial’s network of funders will give you the simplicity you’re looking for. You’ll get fast and easy business financing through merchant cash advances that come at a high cost.