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ViewRidge Funding Review

ViewRidge Funding could be a good fit for small business owners seeking working capital or equipment financing of up to $1,000,000. This funding option is unique in that there are no minimum credit score or time-in-business requirements to qualify. But the San Diego-based lender didn’t disclose its maximum annual percentage rate (APR), so consider that as you compare your options. If you’ve ever asked “Is ViewRidge Funding legit?” Here’s what you need to know.

What does ViewRidge Funding offer?

ViewRidge Funding concentrates financing in two areas: working capital loans and equipment financing. Here are highlights of the most important features of both options.

Product Details
Working capital loans
  • APR: Starting at 6.00% (no maximum disclosed)
  • Loan amount: $10,000 to $1,000,000
  • Loan terms: 3 to 60 months
  • Minimum credit score required: None
  • Minimum time in business: None
  • Minimum annual revenue: $150,000
  • Time to funding: As fast as 1 day
Equipment financing
  • APR: Starting at 6.00% (no maximum disclosed)
  • Loan amount: $10,000 to $1,000,000
  • Loan terms: 3 to 60 months
  • Minimum credit score required: None
  • Minimum time in business: None
  • Minimum annual revenue: $150,000
  • Time to funding: As fast as 2 days

 

Working capital loans can be used by small business owners to meet a variety of needs.

For example, you might take out a short-term working capital loan to cover payroll and other operating expenses during a seasonal dip. Or you might use a long-term working capital loan to fund a business expansion or renovate your business.

Equipment financing is just what it sounds like: financing to help you purchase new equipment for your business. So, for example, you might get an equipment loan to purchase new ovens or coolers if you run a restaurant or buy heavy machinery for your construction business.

Should you apply for financing from ViewRidge Funding?

You should consider applying for financing from ViewRidge Funding if you have a newer business or poor business credit, either of which could keep you from qualifying for a traditional small business loan.

ViewRidge Funding requires no minimum credit score and no minimum time in business to qualify for funding, which is unique compared to many small business lenders.

ViewRidge Funding could be good for business owners who:
  • Have poor or no credit history
  • Need either working capital or equipment financing
  • Are looking for up to $1,000,000 in funding
  • Want a fast turnaround on funding once their loan is approved
  • Have at least $150,000 in annual revenue
You may want to look elsewhere for funding if you:
  • Are looking for a wider variety of funding options
  • Have less than $150,000 in annual revenue
  • Want more transparency with loan terms and pricing

A ViewRidge Funding company representative said APRs start at 6.00% for working capital loans and equipment financing, but they wouldn’t disclose their maximum APRs. The representative said loan fees can range from 0.00% to 2.50% of the loan amount.

Other things we learned about ViewRidge Funding through its representative:

  • Loans can be secured or unsecured
  • A personal guarantee may or may not be required
  • Loans may or may not require a Uniform Commercial Code (UCC) lien

Those things are important to consider, though it’s difficult via its website to gauge whether you’ll need collateral, a personal guarantee or a UCC lien to get approved. A UCC lien can be a blanket lien against your business assets if you default on loan repayment.

How to apply for ViewRidge Funding financing

You can apply for financing with ViewRidge Funding via phone call or online. If you’re starting your initial application online, you’ll need to provide the following:

  • Your name
  • Company name
  • Phone number and email
  • Time in business

There are also fields on the online form where you can include annual revenue and annual gross sales, but those fields aren’t required.

Once you submit the initial form, you’ll need to upload your bank statements for the previous three months to continue the application process. This is used to verify your revenue and cash flow.

According to ViewRidge, it’s possible to get approved the same day you apply. If you’re approved for a working capital loan with ViewRidge Funding, you could get funded in as little as one day. Funding for equipment financing can take as little as two days.

How ViewRidge Funding compares to other online lenders

When seeking financing for your small business, it’s always helpful to shop around and get multiple quotes from different lenders. We’ve reviewed two financing options offered by ViewRidge Funding. Now we’ll take a look at some other lenders you might consider for financing. Keep in mind that product comparisons may vary.

ViewRidge Funding vs. Credibly (working capital loan)

ViewRidge Funding and Credibly take noticeably different approaches to working capital loans. With ViewRidge Funding, loan terms extend from 3 to 60 months, with a maximum loan amount of $1,000,000. Credibly working capital loans top out at $400,000 with terms between 6 and 18 months.

Credibly also charges a factor rate instead of an APR for financing. This factor rate determines your cost of borrowing. For example, if you borrow $100,000 at a factor rate of 1.15 (100,000 x 1.15), you’d owe $115,000 over the life of the loan. Credible doesn’t disclose its maximum factor rate, so you’ll need to contact the company for specifics.

Credibly Working Capital Loan: Highlights
  • Factor rate: As low as 1.15
  • Loan amount: Up to $400,000
  • Loan terms: 6 to 18 months
  • Minimum credit score: 500+ FICO Score
  • Minimum time in business: 6 months
  • Minimum annual revenue: $15,000 in average monthly bank deposits

ViewRidge Funding vs. Finance Factory (equipment financing)

Compared to ViewRidge Funding, Finance Factory offers more generous financing limits. You can borrow up to $5,000,000, with repayment extending over the equipment’s life expectancy. There are, however, credit score and time-in-business requirements you’ll need to meet to qualify. That could make getting an equipment loan from Finance Factory more difficult if you have a newer business or less-than-perfect credit.

Finance Factory Equipment Financing: Highlights
  • Interest rate: 6.00% to 30.00% or higher
  • Loan amount: $5,000 to $5,000,000
  • Loan terms: Life expectancy of the equipment
  • Minimum credit score: 600 (described as “ideal”)
  • Minimum time in business: 2 years
  • Minimum annual revenue: $20,000 (described as “ideal”)

ViewRidge Funding vs. Kapitus (equipment financing)

Kapitus offers up to 100% financing for equipment loans, though the amount you can borrow depends on your credit score, business history and financials. Like ViewRidge Funding, Kapitus makes equipment loans available to startups, though the amount you can borrow is capped at $45,000. There are also more rigorous credit requirements for getting an equipment loan with Kapitus. If you want to borrow more than $150,000, a credit score of at least 675 (and two years in business) is required.

Kapitus Equipment Financing: Highlights
  • Interest rate: Not disclosed
  • Loan amount: Up to 100% of equipment cost
  • Loan terms: Up to the life expectancy of the equipment
  • Minimum credit score: 600 for startups and loans of less than $150,000; 675 for loans over $150,000
  • Minimum time in business: 6 months in business
  • Minimum annual revenue: $100,000

 

 

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