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    All You Need To Know About Vet loans

    Vet loans

    Owning a pet can be a great source of joy in your life, but it can also be expensive. In addition to feeding and caring for your pet, vet bills can quickly add up to thousands of dollars per year - especially if your dog or cat is diagnosed with a major illness.

    To help you plan for your pet’s medical expenses, let’s take a closer look at the costs you can expect to encounter along with a few ways you can cover them - including vet loans. 

    How Much Do Pets Cost To Take Care Of? 

    The expenses involved in caring for a pet can range between hundreds and thousands of dollars per year. The exact amount will vary depending on the type of pet, the specific breed and size, and how often you need to visit the vet.

    • If you don’t already own a dog or cat, you can expect to pay several hundred dollars in adoption costs with cats averaging just under $300 and dogs costing around $700. When you factor in the cost of food, supplies, food bowls, leashes, toys, and vaccinations, this amount can easily exceed $1000 per animal
    • Once you're the proud owner of a pet, you’ll need to factor in annual expenses related to feeding and seeing to the health and wellbeing of your beloved companion. Feeding a dog costs anywhere from $300 to $700 a year while cats are a little less expensive at just under $200. Supplies like cat litter, toys, vaccinations, pet licenses, and annual check ups at the vet can raise the annual cost of keeping cats tp over $500 while a dog can easily cost you over $1000 per year

    Regular expenses aside, you’ll want to have at least $2000 on hand to pay for emergency vet bills in case your pet is injured, involved in a fight with another animal, or develops a serious illness.

    The Benefits Of A Pet Loan

    Paying for unexpected vet bills can make a serious dent in your monthly finances - especially if your furry companion needs emergency surgery which can run several thousands of dollars. 

    • Pet financing is an excellent source of funds for all animal-related expenses and you can certainly use the funds to settle your vet bills

    At a time when your pet is unwell, you’ll appreciate the peace of mind that comes with having cash on hand to secure the best possible veterinary care. In addition, you’ll enjoy several other benefits:

    • No need to delay surgery: With the clock ticking and your pet’s health on the line, you’ll be able to give your vet the go-ahead to operate and restore your dog or cat to good health
    • Extra cash to pay for a new puppy and kitten: If you’re growing your animal family, you’ll be able to cover your new pet’s initial costs easily.

    What To Look For In A Good Veterinary Loan    

    Choosing the right pet loan will deliver the funds you need to take care of your cat and dog without costing you a fortune in repayments. Before you finalize your loan application, you’ll want to consider the following factors that influence how expensive your loan will be:

    • Total loan amount: The more you borrow, the more your monthly payment will be at a given a APR
    • Interest rate: The higher this figure is, the more expensive your monthly repayment will end up being. Bad credit borrowers do tend to pay more interest than individuals with excellent credit, but you’ll still want to opt for the lowest rate out of all the loans you’re considering
    • Lending terms: The period of time you’ll be given to repay your loan also influences both the monthly and total cost of financing. A longer term will result in lower monthly expenses because the loan amount will be divided by great number of months - but you’ll also be charged interest for longer which will raise the total cost of borrowing over the lifetime of the loan

    Alternative Financing Options To Consider     

    Vet loans offer a variety of benefits, but this lending type may not be suitable for everyone. If your application is rejected or you’d like to keep your options open, the following alternatives may be worth investigating.

    • Consider a low APR credit card. If your credit score is less than optimal but not firmly in the bad category (a score of 650 and above), you may be able to apply successfully for a credit card with a competitive APR. If your card comes with an interest free introductory period, you can use this time to pay down your pet related expenses without incurring expensive interest costs
    • Bad credit personal loans are an excellent way to finance any expense - and those costs related to your pets are no exception. Even if your FICO score is low, you may be able to secure a loan amount and interest rate that suit your budget


    The costs involved in keeping a pet are a small price to pay for the happiness a dog or cat can bring to your life. Knowing what financing options are available and the factors that influence affordability will ultimately ensure you make the right borrowing decision.