7 Pet Financing Options for Your Furry Friends

If you have a pet that’s part of the family, you want to give them the best possible care. But pets can be expensive. Whether it’s an extra trip to the vet or training fees, dogs, cats, birds, hamsters, horses and your other pets can be costly. 

If the costs of caring for your pets start to exceed your budget, you might consider pet financing.

7 Best Pet Financing Options

Many providers offer payment plans to cover pet expenses over time. See what will work for you.  

1. Personal Loans

Personal loans are a flexible financing option, making them the natural first place to look for pet financing. Lenders generally don’t restrict how you spend personal loans. You can use them for anything, from pet training or medical expenses to home renovation to consolidating credit card debt. 

A personal loan can be a good option if you are experiencing financial hardship or have a single large expense. For example, if you get hit with an unexpected veterinary bill of $3,000, you could take out a personal loan to pay for it over time.

Lenders will perform a credit check before approving the loan. You’ll usually need a minimum credit score of 580, but some lenders have higher requirements. The higher your credit score, the greater the possibility of a lower interest rate.

Pros and Cons of Personal Loans

2. Payment Plans

Payment plans allow you to pay the company or service provider directly over time. Most payment plans don’t require a credit check. 

Usually, there’s an additional fee for this, but it could be lower than the interest on loans or credit cards. For example, your vet may let you pay $110 a month for a year instead of paying $1,200 upfront.

Your credit card issuer may also offer a payment plan with lower interest rates than standard annual percentage rates (APRs), although these are usually only available for cardholders with good to excellent credit.

Carefully compare interest rates and fees to see whether this option is best. 

Pros and Cons of Payment Plans

3. Credit Cards

Putting major pet expenses on a credit card is usually only a smart financial strategy if you know how to manage the credit card and plan to pay it off before interest is due. Otherwise, the interest rates are usually too high to justify this option.  

If you have a credit card introductory offer, financing pet expenses and paying them off in full can be a useful strategy for earning points or rewards. To avoid interest, plan to pay it off before the introductory offer ends. 

Here's a quick example: imagine you have $3,000 in pet expenses. You could put it on a card with an 18-month 0% APR. Then, you’ll need to pay $176.50 monthly for 17 months to pay off the debt before interest is due. 

If you already have a credit card, you don’t need a credit check or a minimum credit score to use the card for pet financing. However, notifying your card issuer of a large purchase can ensure the purchase goes through without issues. 

Pros and Cons of Credit Cards

4. Cash Advance

If you’re facing a sudden vet bill and expect to have the funds when you get your next paycheck, maybe a loan isn’t needed. Cash advances help you access your salary ahead of the usual payday schedule. This doesn’t require a credit check and is best for employees of large companies or businesses with consistent wages. 

If your employer doesn’t offer cash advances, third-party options are available. For example, Instacash® from Moneylion provides no-interest cash advances of up to $500 for short-term expenses like emergency vet bills or other unexpected costs. Since you're simply accessing money you've already earned, there's no credit check.

Cash Advance Pros and Cons

5. Pet Insurance

Signing up for pet insurance can help ensure you’re prepared ahead of time for medical emergencies. Coverage varies by plan — some plans don’t cover routine care or chronic conditions. However, with the right pet insurance plan, you’ll make monthly payments and get the coverage you need without large unexpected expenses.

You can choose from three main types of pet insurance plans:

• Accident and illness

• Accident-only

• Wellness or preventive care

Accident and illness pet insurance costs an average of $675 per year for dogs or $383 for cats, while an accident-only plan costs about one-third of that. 

Pros and Cons of Pet Insurance

6. Vet Schools

You can contact veterinary schools at nearby colleges or universities for low-cost medical care for your pets. New veterinarians need experience, and you could save on excellent medical care for your help. They may offer financing or grants for expensive surgical procedures or ongoing care.

Pros and Cons of Vet Schools

7. Nonprofit Assistance

Your local Humane Society can be a great resource for low-cost veterinary care, as they may have a wellness clinic on-site.

You can also check with local nonprofits and shelters for support with medical expenses. For example, Anicira offers a full range of low-cost medical care for pets. 

Other national nonprofit organizations that can help with pet medical bills include:

• The Pet Fund

• Brown Dog Foundation

• Paws 4 A Cure

• CareCredit

• Pets of the Homeless

• RedRover

Pros and Cons of Nonprofit Assistance

Are Pet Loans Different From Personal Loans?

A pet loan is a type of personal loan designed for pet owners. While loans marketed specifically to pet owners might come with higher interest and fees, you can use any personal loan to cover pet expenses. Personal loans usually have a fixed interest rate with repayment terms from one to several years.

Personal loans are usually unsecured, so you don’t need to provide any collateral. If you get a fixed interest rate, it will stay the same over the life of your loan so you can more easily plan monthly repayments. 

👉 Need Help With Vet Bills? 7 Emergency Vet Bill Assistance Options

Final Takeaways

Taking on debt to cover regular expenses is not usually the best financial plan. But if you’re hit with an unexpected pet expense, financing can help you ensure your pet gets the care you need. Here are some advantages to keep in mind:

• Get fast access to cash to cover medical bills or other expenses.

• Secure a repayment schedule that fits your budget.

• Can provide access to funds when large, unexpected expenses arise.

• With grants or special financing, pay over time at reduced interest or no interest.

• Break up expensive vet bills into manageable monthly payments.

Pet Financing FAQs

Can I get financing for multiple pets?

Yes, you can get financing for multiple pets. You could use a single personal loan to pay for the care of multiple pets. Alternatively, you might qualify for support from non-profit organizations or low-cost care from veterinary schools.

Is pet financing the same as pet insurance?

No, pet financing is not the same as pet insurance. With pet insurance, you’ll pay a fixed monthly cost and then get access to insurance when needed. With pet financing, you’ll spread a previous expense over time through a loan, payment plan, or other financing options.

Can you get a pet loan with bad credit?

Yes, you can get a pet loan with bad credit. Some lenders have higher credit requirements, but many will offer smaller loans even for borrowers with low credit. You can also consider guaranteed loans for bad credit. 

Sources

• North America Pet Health Insurance Association. Average Premiums.