Personal loans for vet bills and pet expenses

Pets can bring a lot of joy to your life, and you might want to return it by giving them the best care possible. That means providing them with plenty of love and attention, as well as food, bedding, and routine veterinary care to stay healthy. 

It's not uncommon for pet owners to spend $1,000+ each year on expenses for a single pet. You might spend more if your pet needs ongoing treatment for a health condition or requires an emergency vet visit. 

Personal loans could help you pay for pet expenses, large or small. Let's look at how pet loans work and when you might consider using one to cover veterinary care. 

What is a pet loan?

A pet loan is a personal loan you use to pay for vet bills and other pet-related expenses. Possible pet-related uses for personal loans include:

• Emergency care

• Treatment for ongoing conditions, like heartworms or cancer

• Surgery

• Spaying or neutering

• Adoption or training costs 

The great thing about pet loans is that they're flexible. You can decide how to use the funds to cover pet expenses. 

How do personal loans for pets work? 

Personal loans for pets work like other personal loans. You borrow money to cover vet bills and other expenses, then pay it back over time with interest.  

Your loan amount, interest rates, and repayment terms are set by the lender. Eligibility for a pet loan is usually based on credit scores and income. 

Pet loans are most often unsecured personal loans, which means the lender doesn't require any collateral from you. Collateral is something of value you own, like a car or a house, that you could offer as a guarantee that you’ll repay the loan. Secured loans, on the other hand, do have a collateral requirement. Mortgages and car loans are secured loans.

When is a pet loan the right choice?

A pet loan may be a good fit when you have significant pet expenses but can't pay for them in cash. Here are some examples of when you might use a personal loan for pets. 

• Your cat swallows a shoelace and needs emergency surgery to retrieve it. The vet is able to save your pet’s life, but the surgery bill comes to $5,000. 

• Your dog accidentally gets out of your yard and is struck by a car. She suffers a broken leg, which requires surgery, a cast, and physical therapy, amounting to $7,000. 

• The vet diagnoses your dog with heartworms, which is thankfully treatable. But in addition to the vet bill, you’ll need to pay for a series of injections that cost $500 each. 

• You're diagnosed with a health condition that requires you to have a service animal. The training costs $20,000. You get a grant from a local nonprofit to cover half that amount, but need to come up with the rest yourself.  

A pet loan could make sense in any of these situations, if you're able to manage the payments.

What to consider before applying for a pet loan

Pet loans have eligibility requirements just like other personal loans. Here are some of the things lenders may look for when you apply.

• Credit scores. Lenders use your credit score to assess how likely you are to repay what you borrow. The minimum credit score to qualify for a personal loan for pets varies by lender. 

• Income stability. Lenders also want reassurance that you have enough income to repay a personal loan. Stable income and a solid employment history can work in your favor for approval. 

• Loan amount and purpose. When you apply for a pet loan, you'll need to tell the lender how much you want to borrow. The lender may also ask what you plan to use the money for. 

Use a personal loan calculator to estimate what your payments might look like. That can help you decide if a pet loan is right for your personal budget. 

Alternative financing options for pet care

Pet loans aren't the only way to manage vet bills. There are other ways to finance pet care without a loan. 

• Pet insurance. Pet insurance policies can pay for routine and emergency care. You'll pay a premium, just like you would for other insurance policies, and you may have a deductible as well. If you're interested in pet insurance, look at the coverage options offered and how much you would have to pay out of pocket.

• Credit cards. Credit cards could help you pay for vet bills and other pet expenses as needed. Some may offer a 0% introductory APR period for purchases or allow you to earn rewards. Credit cards only make sense if paying them off cards isn’t going to crush your budget. For a big, several-thousand-dollar expense, make sure you have a realistic plan to pay off the debt, so you don’t end up in a debt trap.

• Nonprofit organizations and vet clinics. Nonprofits and pet-focused charities may offer grants or financial aid to pet owners who need help with vet bills and other expenses. You might also look to veterinary schools or clinics in your area, which sometimes offer pet care at discounted rates. 

• Vet payment plans. Many veterinarians offer in-house financing options for pet care. For instance, you might pay in installments and spread the cost over two years. Some vets even offer interest-free or fee-free vet bill financing.  

How to get a personal loan for pet expenses

Researching lenders and comparing offers is a good place to start if you're interested in a pet loan. 

Some of the main factors to consider include:

• Interest rates

• Minimum and maximum loan amounts

• Minimum credit score and income requirements

• Repayment terms

• Loan fees

You might apply for preapproval to check rate quotes from different lenders. Once you find a lender you want to work with, you can start the loan application process.

Many lenders allow you to apply for a personal loan online. You'll need to give the lender some personal and financial information, including:

• Your name

• Address

• Date of birth

• Social Security number

• Phone number and email address

• Employment status

• Monthly income

• Monthly housing payment

• Desired loan amount

You may need to upload certain documents to complete the application. For example, the lender might ask for pay stubs or bank statements. 

Once you submit the application, some lenders return approval decisions instantly. Others may take a few days. 

If approved for a personal loan, you'll need to sign the loan paperwork and tell the lender where to send the money. Typically, you can get the funds deposited right into your bank account. Some lenders fund loans in as little as one to two business days after approval, but it could take a week or more. 

How to manage pet care costs wisely

Pet care can be expensive, but there are ways to manage those costs. Here are a few tips that could help you keep pet expenses manageable.

• Spay/neuter. Spaying/neutering your pet could help you avoid a situation where you have an unplanned litter of puppies or kittens to take care of. Spaying and neutering could also prevent the development of certain diseases that are costly to treat.

• Preventive care. Preventive care may reduce the likelihood of your pet needing more advanced care later. Blood testing, flea and tick prevention, heartworm prevention and regular wellness exams are some of the best ways to promote good health. 

• Emergency savings. An emergency fund is designed to help you cover unexpected expenses. If you have an emergency fund, you could draw on personal savings to cover vet bills without the need for a loan. 

• Budget. Your budget could help you manage pet care expenses if you use sinking funds. A sinking fund is money you earmark for future use. For example, you might send $25 from every paycheck to your pet care fund so that the money is there when you need to spend it. 

What's next

• Check your credit to get a sense of what rates you might qualify for with a personal loan.

• Review your budget to determine what monthly payment you could afford with a pet loan. 

Get a rate quote for a personal loan from a lender that performs a soft credit check (one that won’t hurt your credit score).