Nov 08, 2024
Pets are members of our families, and pet owners want to give their furry (or scaly) friends the best possible love and care.
But pets may also be expensive, especially if you are considering a pure breed or are facing a large vet bill. Luckily, there are many ways to pay for pet expenses, including a pet loan. A pet loan is a personal loan you could use to pay for pet expenses.
With careful planning, pet financing options could help you keep your pet both healthy and happy.
A pet loan is a personal loan used to pay for pet expenses. A personal loan may be used for life’s big expenses, so it might not be labelled a “pet loan” exactly.
Personal loans do not require collateral. They have a fixed rate and repayment term, so you can plan for one set regular monthly payment. With a Discover® personal loan, for example, you can choose how long you’d like to repay your loan—from 36 up to 84 months. And you can check your rate before you apply. It takes minutes and won’t affect your credit score.
Dogs and cats are the most popular household pets. Adoption costs may range from a few hundred dollars at a rescue shelter to much more for a purebred kitten or puppy. Each breed and breeder may be different, so cost should be part of any research you do before adopting.
Adoption costs are just the start. The average cost of owning a dog is roughly $850 per year when you factor in the price of food, medical services, grooming, and other needs.1 Cats, rabbits, and guinea pigs may run several hundred dollars. Small birds and fish are often the cheapest.2
While often cheaper than dogs or cats, fish may get expensive depending on the type of fish, tank, filtration equipment, and food. Common goldfish or minnows may cost as little as $1 and don’t require heaters or complex aquariums. Many saltwater fish could cost well over $100. They also need specialized tanks and equipment that could cost from a few hundred dollars to a couple of thousand dollars each year to maintain.3
Depending on the pet, there will be ongoing expenses for things such as food, toys, treats, and medical care. If you adopt a dog, you may think about paying for a training class. And no matter what kind of pet you choose, you could need a sitter if you go out of town.
For most pets, it’s also important to factor in the cost of an annual vet visit. “The average cost of a cat’s annual wellness visit ranges between $200 and $500, the low end often including a physical, rabies and distemper vaccinations,” said Dr. Sheena Dadkhah, a veterinarian in Lake Bluff, IL. “Average costs for dogs start around $250 for an examination and rabies and distemper vaccinations. They go up to $1,000 for additional vaccinations and medications for heartworm and flea and tick prevention.”
While these services may seem unnecessary because your cat or dog is healthy, many cities and states require certain licenses and vaccinations for pets. In particular, rabies vaccinations are required by almost all states, with some exceptions allowed.
Whether or not vaccines and medical care are required, it may cost less to get preventive care and keep your pet healthy than to care for them when they are sick.
“Preventive care is not only more affordable but can also be lifesaving. Heartworm prevention may cost as little as $120 a year, compared to thousands of dollars and months of therapy to treat a potentially fatal disease,” Dadkhah explained.
Depending on the pet, items you might want to budget for include:
It’s important to know your budget and how much you can afford each year. If you need extra financial support, a pet loan may be right for you.
“Preventive care is not only more affordable but can also be lifesaving.”
Dr. Sheena Dadkhah
Pet loans can be used to pay for more than adoption costs. They may also help with medical bills for things like spaying or neutering, vaccinations, and microchipping. You could use them to buy aquariums and fish, especially if you are setting up a large tank or getting specialty fish.
In addition, loans for pet emergencies can be vital for the health of your cat or dog. A personal loan for pet care could pay for pet surgeries or emergency or specialty veterinary care, 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 might also help cover the costs of adopting a trained dog. Depending on the type of service needed and the sponsoring organization, costs can range from $10,000 to $30,000, with some service dogs costing as much as $50,000.4
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. If you want to avoid the mess in your own bathtub, a local pet store may have a self-service grooming booth.
If you need a pet sitter, think about asking friends or family rather than paying a kennel or professional sitter.
If you are facing a large vet bill, it’s important to know your options—especially if it’s an unexpected expense. You might talk to your vet about setting up a payment plan, if they offer the service. You may 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, explore what your premiums and deductibles would be with different plans, just as you would with your own health insurance. Also, 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 might use a credit card to pay for a large expense like a vet bill. Keep in mind, though, 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. 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. To use these payment options, your vet must be part of the network. Be sure to check before signing up or planning to pay with these types of programs.
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 can focus on helping your pet get better. And if you’re considering adopting a new pet but aren't sure how to pay for it, a personal loan for pets might help.
Pet expenses can vary widely and grow quickly. At Discover Personal Loans you can enjoy peace of mind knowing that you have the flexibility to borrow as little as $2,500 or as much as $40,000.
Depending on your lender, personal loans can come with their own set of fees. Some lenders charge an origination fee, which is deducted from your loan amount when you take out the loan. A Discover personal loan does not charge any origination fees or prepayment penalties. In fact, make your payments on time and you can forget about fees altogether.
Interested in exploring how a personal loan might help with upfront 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.
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