Pet vet emergency loans: When your fur family gets hurt

Find out what vet emergency loans are and how they can help in a moment of need.

To most pet owners, animals are an extremely important family member — many times as important as kids. Did you know that according to the National Pet Owners Survey conducted by the American Pet Products Association (APPA) in 2017-2018, sixty-eight percent of U.S. households, or about 85 million families, own a pet? So when it comes to pet insurance, it shouldn’t surprise us to learn that studies have recorded that the total number of pets insured in the U.S. and Canada reached 2.1 million at year-end 2017, up by 17 percent from 2016. But what happens to families that can’t afford or decide not to get pet insurance?

According to Petplan, a pet parent is faced with a $3,000 vet bill every six seconds. “Some of the top conditions that land pets at the vet each year are cruciate injuries, which cost an average of $3,480 nationally; foreign body ingestion, which racks up an average $1,755 bill; and cancer, which averages $2,033 to treat.” So what do you do when you don’t have $3,000 in your bank account and your fur baby is in need for medical assistance? 

Vet emergency loans

Even though vet emergency loans are not something you can just get from a lender or a bank, a fixed-term personal loan serves the exact same purpose, as these kinds of loans require no collateral and are for the exact amount you need, with a certain payment period (typically 24-48 months) and fixed rates and payment amounts.

Fixed-term personal loans are a much better alternative than racking up credit card debt, as interest rates are typically much lower and you avoid the risk of spending more than you actually need.

Pet vet loans and bad credit

If you have a not-so-good credit history, it is still possible to qualify for a personal loan. The downside? Interest rates and terms might be higher due to fair or poor credit scores and the lender’s risk of repayment.

If you’re faced with an unfortunate situation of having to take out a personal loan to pay for your vet, you should always talk to a finance specialist who can help you understand repayment terms, interest rates and all the fine print that could help or hurt in the long term. Even though these decisions might be hard when you’re going through a traumatic experience, it’s always recommended to shop around and find the best alternative that fits your financial needs.

Terms of repayment

Just like credit cards, mortgages and car loans, personal loans have specific terms of repayment that will hold you accountable and ensure your lender gets their money back. Even though there is not a “one size fits all” contract when it comes to personal loans, a few things that will be taken into consideration by the lender will be your credit score, your history with the institution, your debt-to-income ratio and how much money you borrowed.

Before signing a contract and agreeing to pay off your loan in a certain amount of time, make sure you develop a realistic budget that fits these terms. Remember that failing to comply will result in paying much more than originally intended because of high-interest rates, your debt potentially being sent to collections, and a damaged credit score.

An alternative to personal loans

The good news when it comes to vet emergency loans is that you can absolutely prepare before you’re in a complicated financial situation by keeping a healthy savings account to use on your pet. Even though the U.S. Federal Reserve explains that almost half of all Americans would not be able to come up with $400 in cash for an emergency, this does not have to be the case for you.

Not sure how you can start saving to prepare for an emergency situation? Click here for a quick overview of the first steps you can take to get into the habit of saving.

At LendingPoint we understand that unexpected situations happen every day. If you’re looking for a loan to help you pay for your pet’s treatment or procedure, apply today to see if you qualify for one of our personal loans.