Owning a pet can be expensive. Setting aside funds for your pet’s needs from everyday expenses to unexpected medical costs is important. This is especially true if you have or are looking for a service, therapy or emotional support animal because they often need specific training.

Luckily, various veterinary financing options, like pet or vet loans, can help if you need assistance for your pet’s needs. There are also pet surgery financing options or pet loans for bad credit to help you cover the cost of treatment.

What is a pet loan?

A pet loan is a personal loan that can be used to cover pet-related expenses. Pet loans are offered by banks, credit unions and online lenders. Loans can range from $1,000 to $100,000, although how much you receive depends on your creditworthiness and the lender.

Depending on the lender or institution, you can use a pet loan on nearly every legal expense, from vet bills to adoption to everyday costs, like food and medication.

Because pet loans are installment loans, you’ll be assigned a specific loan term, typically between two to five years. Most of these loans come with fixed interest rates, meaning that the rate won’t change over the life of the balance.

Each lender offers its own set of financial requirements, loan terms, rates and fees. Compare lenders and shop around before taking out a loan to ensure you’re getting a competitive offer for your credit health and aren’t paying more interest than you need to.

Reasons to take out a pet loan

It is highly recommended for pet owners to have funds set aside in their monthly budget for unexpected pet-related costs and daily expenses. However, an unexpected medical expense or trip can drain your savings account even if you prepare.

Pet loans can be a helpful tool if your pet faces a sudden illness or has a need for specialized care or training (like service dogs), but you don’t have the funds stored up to cover the full expense. While these loans aren’t recommended for everyone as a first-resort option, if you have no other way to pay for unexpected or hefty pet-related costs, they can help give your budget some temporary relief.

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