Works great on my iPhone 5 running iOS 7.1.1 (non-jailbroken) with v3.1.2 of VSCO Cam. Only thing is that the shadows and highlights tint adjustments cannot be used, but that's something I can do without.
All paid filters are already downloaded and can be used immediately after performing the said steps, free filters must be downloaded from the store.
Thank you!
-EDIT-
Found a fix for the shadows and highlights tint issue
Delete and re-install a clean copy of VSCO Cam from the App Store (you will lose all your images so please back them up first)
Download Xcode from the Mac App Store (I didn't try this with a PC, but I guess this will work for Windows users)
Open the Library folder of VSCO Cam on your iPhone/iPod Touch in iFunBox. Save the file "co.visualsupply.cam.plist" that is stored under VSCO Cam > Library > Preferences to your computer. This file will be referred to as "original plist file" from here on
Perform the steps for loading the extra filters
Open both the original plist file and the downloaded plist file (under the extracted Library folder > Preferences) in Xcode. Drag the word "tint" under the Key column of the original plist file into the downloaded plist file
Save the downloaded plist file and load it the downloaded "Library" folder into iFunBox under VSCO Cam