Pet financing: Should you get a pet loan?

Can you get a pet loan with bad credit?

It is possible to qualify for a personal loan to use toward veterinary expenses, even if you have bad credit. Just keep in mind that your interest rate and terms will likely not be as competitive as they might be for someone with stronger credit.

If your credit score is less-than-stellar and you need to finance a larger cost, it’s worth looking into the veterinary repayment options if they’re offered. The lower the credit score, the higher your rate is likely to be. If you’re offered a high rate from a traditional loan lender, compare it to the veterinary financing option — there’s a chance that the in-house option could be more affordable in this case.

How to apply for a pet loan

Applying for a pet loan is like applying for any other personal loan. While every company’s application process will differ, there are a few steps you can take to increase your eligibility odds with each lender.

—Shop around: After checking your credit score and debt-to-income (DTI) ratio, look through multiple lenders’ minimum eligibility requirements. Pick around three lenders that best meet your needs and that you could qualify for. Pay specific attention to the interest rate and fees and select the lenders most likely to offer you the most competitive rates.

—Prequalify and compare: Prequalification allows you to see your predicted eligibility odds and potential interest rate without formally applying. This process doesn’t impact your credit score and makes it easier to find the most competitive loan for your financial situation.

—Apply: Most lenders host a fully online application, while others require in-person presence. Before applying, check the requirements to ensure you live close to a physical branch if you need to be in-person for any part of the process.

—Accept the loan terms: Some lenders approve their applicants within minutes and disburse funds as soon as that day. However, not all offer this fast turnaround time. After getting your approval offer, read through the loan agreement before signing off on the balance to know how and when you’ll get your funds.

Alternative financing options

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