VIP Capital Funding works with small businesses to provide loans ranging from $20,000 to $35 million. Founded in 2019, the company works with hundreds of industries and operates in all 50 states.
VIP Capital Funding currently offers three primary loan products:
The minimum credit score requirement ranges from 600–680 depending on the loan type requested.
VIP Capital Funding provides consumers with an online application form that is available 24/7. The form requires a first and last name, mobile number, alternate phone number, company name, monthly revenue, and email address. Upon completing the form, applicants will be contacted by a VIP Capital Funding representative who will walk customers through the entire process. In essence, this step is to ensure that clients are getting the most accurate offer. From there, applicants generally get pre-approved within 24 hours.
VIP Capital Funding's most recognized product is the short- to mid-term working capital loan. Designed specifically for small businesses, the business working capital product can be used for any business expenses such as inventory, marketing, day-to-day operations, payroll, etc.
VIP Capital Funding also offers funding by way of the Emergency Economic Injury Disaster Loan (EIDL) and the Main Street Lending Program (MSLP).
Fortunately for business owners, VIP Capital Funding has a number of financial products available (all are based on the ways a small business may generate revenue). Alongside its Short-Mid Term Working Capital loans, VIP Capital Funding offers the following:
Potential borrowers should keep in mind that the funding ranges, term lengths, credit ranges, and funding time will vary with each loan type.
VIP Capital Funding claims an approval ratio of 90%. Approval rates are typically much lower and they can vary by industry, but you’ll rarely see an approval rate over 60%; the approval rate for big banks is around 30%.
It’s impressive that VIP Capital Funding is committed to its clients and maintains a high approval rate. Businesses struggling to find a lender might have success with VIP Capital.
Waiting for approval can be frustrating, and many traditional lenders take months to approve and process a loan. VIP Capital Funding advertises pre-approval within 24 hours and fund delivery within one to two days.
This quick turnaround is handy if you need a loan fast. As an additional perk, VIP Capital Funding charges no upfront fees and requires no personal guarantee. This can speed up your turnaround process even more because you don’t have to worry about the financial burden of applying or the burden of providing collateral.
VIP Capital Funding doesn't control how customers use their funding. Customers can use the funds for repairing equipment, maintaining operations, making an investment, etc.
VIP Capital Funding's primary focus is the customer and the company works hard to build and maintain long term relationships with all its clients. To back up this claim, VIP Capital Funding offers discounts on fees on renewal loans and customers may qualify for lower pricing with each subsequent small business loan.
Reviews left on BestCompany.com for VIP Capital Funding are mainly positive. Several reviews praise the company's professionalism, organization, and financial advice. While others commend VIP Capital Funding's ability to get their funds quickly and efficiently.
Like with most lenders, you’ll need to reach out for a quote to learn how the company can meet your business’s specific needs. This is because you’ll need to provide information about your business such as revenue, time since founding, and credit score. Without this information, a lender can’t give you an accurate estimate. So while this may seem like an inconvenience, it’s in your best interest to contact a company representative to receive accurate rates prior to choosing a lender.
VIP Capital Funding was founded in 2019. You might also consider a new business a benefit because a new business addresses contemporary needs for business lending; however, most lenders have more experience under their belts.
Fritz Frey Folsom, CA
8 months ago
Reply from VIP Capital Funding
Mar. 30th, 2022