What could pet loans pay for?
Pet loans could be used to pay for more than adoption costs. They may also help with medical bills like spaying or neutering, vaccinations, and microchipping. And you could use them to buy aquariums and fish, especially if you are setting up a large tank or getting specialty fish.
In addition, a personal loan for pet care could pay for pet surgeries or medical emergencies for your cat or dog, which may be expensive.
“There is a wide range of costs if your pet gets sick or injured. These can be a few hundred dollars for an emergency room visit to over $10,000 for emergency procedures such as back surgeries,” Dadkhah said. “The costs can quickly add up in critical situations, hospitalizations, or long-term treatments for diseases,” she added.
If you are interested in owning a service dog to help with a disability, a personal loan could help cover the costs of adopting a trained dog. Depending on the type of service needed and the sponsoring organization, fees may vary widely for a service animal, ranging from minimal fees to tens of thousands of dollars.4
How could I manage pet care costs?
Pet owners may have options when it comes to lowering the cost of caring for a pet. One strategy is to shop around for vets and sources of prescriptions. There are online resources for finding low-cost vet services for income-qualified pet owners. Veterinary colleges may also provide low-cost services, so check your local area for nearby schools.
Another way to reduce pet care costs is to groom your dog or cat at home. A local pet store may have a self-service grooming booth. This could help you save on grooming costs while also letting you avoid the mess of giving them a bath in your own bathtub. If you need pet sitting, think about asking friends or family to watch your pet rather than boarding it at a kennel or hiring a pet sitter.
What are some other financing options for pet care?
If you are facing a large vet bill, you might also talk to your vet about setting up a payment plan for unexpected expenses. You could be able to pay the charges over time.
Pet insurance is also an option. “Pet insurance is a great resource to cover costs of an unexpected illness or injury,” said Dadkhah. “But insurance companies typically do not cover pre-existing conditions, so establish your coverage right away.”
Before you decide on a provider, you may want to explore what your premiums and deductibles would be with different plans, just as you would with your own health insurance. Also, be sure to ask your employer if they offer pet insurance as a benefit.
If you do not have pet insurance, or for expenses that are not covered by the policy, you could use a credit card to pay for a large expense like a vet bill. But remember: Credit cards have variable interest rates, so if rates increase, the higher interest could increase your minimum payments. They are also a form of revolving credit. That means if you don’t pay off your balance in full every month, you could end up paying a lot in interest.
There are also healthcare-specific card programs that can be used for pets.5 To use these payment options, your vet must be part of their network. Be sure to check before signing up or planning to pay with these types of programs.
Explore your options, so you can focus on your pet
Pets can be wonderful companions and beloved members of our families. If a pet gets sick or injured, it can be stressful and upsetting.
But remember: If you need help covering the costs, a pet loan that fits into your budget may take some of the financial pressure off. Then you could focus on helping your pet get better. And if you’re considering adopting a new pet but are not sure how to pay for it, a personal loan for pets might help.
Are you interested in exploring how a personal loan may help with up-front or ongoing pet care costs? Use our calculator to see what your monthly payments could be for a Discover® Personal Loan—with no impact to your credit score.