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.

Pet Financing: Quick Take

• What it means: Paying for pet care using credit or payment plans instead of paying upfront

• Personal loan: Best for larger costs with fixed monthly payments

• Credit card: Good for short-term expenses, especially with a 0% intro APR

• Payment plans: Often offered by providers for low- or no-interest repayment

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

• Best for: Large unexpected expenses

• Credit check: Yes

• Cost level: Depends on annual percentage rate (APR) — moderate to high

• Funding speed: One to five business days

With a personal loan, you borrow a lump sum of money from a lender and repay it in fixed installments over an agreed upon period of time.

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

• Best for: Not taking on debt and paying for the debt over a period of the time

• Credit check: Depends on company

• Cost level: Low to moderate

• Funding speed: Immediate

A payment plan allows you to split the payments so you don’t have to owe the full amount at once. 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 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

• Best for: Emergency situations

• Credit check: Yes

• Cost level: Moderate to high, based on rates

• Funding speed: Immediate

Credit cards involve a revolving line of credit that allows you to borrow money (up to a limit) that you agree to pay in full or with interest. 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. 

Pros and Cons of Credit Cards

4. Cash Advance

• Best for: Small expenses

• Credit check: None

• Cost level: Higher

• Funding speed: Can be immediate

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. You can withdraw a portion of your credit card limit in cash that you agree to repay in the future. 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

• Best for: Lowering a future large pet expense

• Credit check: None

• Cost level: Moderate

• Funding speed: Reimbursement-based

With pet insurance, you pay every month to get a portion of your costs reimbursed for future medical emergencies and procedures on your pet. Coverage varies by plan — some plans don’t cover routine care or chronic conditions.

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

• Best for: Cheaper alternative for procedures

• Credit check: None

• Cost level: Low to moderate

• Funding speed: N/A

A vet school will provide services or procedures at a discounted rate since practitioners are still in training. They may offer financing or grants for expensive surgical procedures or ongoing care.

Pros and Cons of Vet Schools

7. Nonprofit Assistance

• Best for: Hardship

• Credit check: None

• Cost level: Low to none

• Funding speed: Slower

With nonprofit assistance, you can receive grants or subsidized services from different organizations to help you fund services. Your local Humane Society can be a great resource, 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

• Pets of the Homeless

• RedRover

Pros and Cons of Nonprofit Assistance

Quick Cost Examples

Here’s how a $500 medical expense would cost in terms of interest if you use a personal loan or credit card.

What To Do If You Get a Big Vet Bill

You’re surprised by the amount of money you owe the vet for the care of your dog. What should you do? Take a look at these options:

• Check with your vet: Ask about payment plans. With this option, you aren’t forced to pay interest.

• Review your insurance: If you have pet insurance, find out if the policy will cover some of the charges.

• Inquire at nonprofits: If it is too much of a hardship to pay, find out if a nonprofit can help subsidize a portion of the payments.

• Charge the amount on your credit card: If your credit card pays lower interest than a loan — or you’re confident you can pay the full amount due — charge the amount.

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. 

Is pet financing the same as insurance?

No. Pet financing helps you pay for the costs of the medical procedure. Insurance will reimburse a portion of what you’ve already paid.

What’s the cheapest option?

The cheapest option is to use your savings to pay for medical procedures. If that isn’t an option, ask your vet provider about a payment plan. A third option is to charge the cost on a 0% APR credit card.

Rudri Patel contributed to the reporting for this article.

Sources

• North America Pet Health Insurance Association. Average Premiums.