One Park Financial Review
Whether you’re starting up a brand-new business or just looking to take your company to the next level, there are many reasons why you might need to take out a business loan. There are a lot of lenders out there waiting to provide small businesses with loans of various kinds, and this review will take a closer look at One Park Financial.
One Park Financial Overview
Founded in 2020, One Park Financial has grown into one of the nation’s most trusted suppliers of business loans. It aims its products towards small business owners who need money quickly, but also works with mid-sized businesses too and can offer loans of greatly varying amounts. This Florida-based company isn’t actually a direct lender, however. It doesn’t provide loans on its own.
Instead, it works together with 20+ lending partners to offer a range of financial solutions for business owners all across the US. With high approval rates, a simple application process, and speedy funding too, One Park Financial is a popular choice with many businesses. It can provide capital to its customers in just 72 hours in some cases, and you don’t necessarily need a great score or high revenue to be approved.↑
Business Loans Offered by One Park Financial
As stated above, One Park Financial isn’t a direct business lender. Instead, it works with several funding partners who can help you obtain the following types of loans:
- Merchant Cash Advance – With this type of loan, you actually borrow an amount based on the total amount of your credit card transactions per month. So, the better your business is doing, the more money you’ll be able to take out. Then, you’ll pay the lender back with your future credit card sales. They’ll take a percentage of all credit card transactions on a daily basis until the loan is repaid in full. Qualifying for MCAs with One Park Financial is easy, but the rates and fees can get a little high.
One Park Financial Details
Here’s all you need to know about how One Park Financial business loans work:
- Application – To apply for a One Park Financial MCA loan, you’ll need to meet some basic requirements in order to qualify for most of the company’s lending partners. In general, you should have been in business for at least three months, have a monthly revenue of at least $5,000, and have a personal credit score of 450+. Since One Park Financial works with many different lenders, some of them may have more relaxed requirements.
- Loans – Through One Park Financial, you can take out loans ranging from $5,000 all the way up to $750,000. Terms run from 6 months to 12 months, and the rates and fees vary from lender to lender. Usually, most lenders working with One Park Financial don’t have interest rates. Instead, they have factor rates, with a fixed fee generated and added onto your loan at the time of taking it out.
One Park Financial Verdict
Overall, One Park Financial is a good choice for many small businesses who struggle to get loans elsewhere. It has an easy and relaxed applications process, a network of trusted lenders, and impressive funding times too. However, you may have to pay high factor rates and fees, depending on your financial situation and the lender you work with.↑