When a beloved pet suddenly gets sick or injured, medical expenses can add up quickly. Whether your pet needs surgery, medical care or specialized training, a pet loan can help make the costs more manageable.
Let's look at how personal loans can offer quick, convenient funding to help pay for pet-related expenses.
How (And When) to Use Pet Loans
What are pet loans?
A pet loan (also called “pet financing”) is a personal loan that’s used for pet-related expenses, such as vet bills. Some lenders may use that phrase, while others will not.
What can pet loan funds be used for?
In general, personal loans are flexible, allowing you to finance a wide array of expenses. For example, you may use pet loan funds for:
- Spay or neuter surgeries
- Emergency pet medical treatments
- Specialty pet healthcare
- Pet medications
Keep in mind, however, that individual lenders can limit how the money may be used.
How to apply for a personal loan for pet expenses
You can typically apply for a personal loan through the lender’s website. You complete a straightforward application, providing any necessary documents, such as a government-issued ID and proof of income. If approved, funds can often be disbursed quickly.
For example, Citi® Personal Loan funds can be sent to a Citibank account as soon as the same business day, or within 2 business days following approval if you have a non-Citi account.1
Who can apply for pet financing?
Most lenders require applicants to be at least 18 years old to apply for a personal loan. For example, Citi requires applicants to be at least 18 years old, or 21 in Puerto Rico.
Other requirements, such as creditworthiness, annual income and debt-to-income (DTI) ratio, vary by lender. (Your DTI ratio compares how much you put toward monthly debt payments to your monthly income.)
The benefits of using a personal loan for vet bills
Personal loans can help make larger expenses easier to manage and can offer quick, convenient funding for pet-related emergencies.
Make pet expenses manageable
Personal loans can help make certain pet-related expenses, like surgery, more manageable over the long term. Rather than having to pay a lump sum all at once, you can pay the loan back over time.
A personal loan typically comes with a fixed interest rate and a fixed term. You know exactly what you'll owe each month, making payments easier to fit into your budget.
Pay for emergency expenses
When your pet has an emergency, personal loans can offer the quick funding you need. Citi Personal Loans have a straightforward, convenient online application process. In fact, it typically takes just minutes to apply.
Potential drawbacks to using a personal loan for vet bills
There are a few things to be aware of before applying for a personal loan, including loan interest and creditworthiness requirements.
Interest payments
Like most other loans, personal loans start accruing interest immediately, meaning you’ll pay back more than you originally borrowed. Rates can vary based on your credit score, lender and other factors. In addition to interest, some personal loans can come with additional fees, such as an origination fee.
Creditworthiness requirements
Lenders have creditworthiness criteria that personal loan applicants must meet. The exact requirements will vary based on the lender and the type of loan. In general, it’s harder for someone with lower credit to get approved. Researching different lenders and their credit score requirements before applying can help you narrow down your options.
When to consider a personal loan for pet expenses
In general, a personal loan can be a useful way to cover larger, one-time pet expenses, such as a medical emergency. Pet surgery, for instance, can easily cost thousands of dollars, and not everyone has the savings to pay those vet bills. Knowing that you can quickly and easily secure a personal loan may help you make a fast, life-saving decision for your pet.
Citi offers flexible, fee-free personal loans to qualified applicants. If you think you could benefit from a Citi Personal Loan, apply online today.
Alternatives to using a personal loan for pet expenses
If you decide that a personal loan doesn’t make sense for your needs, you may consider alternatives, such as credit cards, pet insurance and vet payment plans.
Credit cards
As a pet owner, it’s a good idea to factor smaller vet bills and regular pet care expenses into your budget. These day-to-day expenses are typically better suited to a credit card, assuming you already have an open account with enough available credit. If you have a less expensive emergency cost, it might also make sense to pay for it with a credit card, provided you can pay off the full statement balance by your payment due date. That way, you can avoid paying interest on that charge.
Pet insurance
With pet health insurance, you pay premiums. When your pet has a qualifying medical expense, the insurer either pays the vet directly or reimburses you, often up to a percentage of the charges. The coverage limitations will depend on your policy. For example, many policies will exclude preventative care.
Keep in mind that many pet insurance plans have a waiting period, which is the time after paying your first premium before the coverages kick in. For example, if your coverage starts today, but you have a 14-day waiting period for claims related to illnesses, the insurer won’t cover that type of claim if it happens during the waiting period.
Vet payment plans
Many vets offer their own financing options or payment plans, allowing you to pay your bill in installments. Be sure you understand how they work before signing up, including whether you will owe interest and fees.
If possible, consider seeking care at a teaching clinic or nonprofit, particularly for non-emergency vet visits. These places often offer services at a lower cost, reducing your overall bill.
Your pet is an important part of your family. Having a plan in place for unexpected costs can not only give you peace of mind, but it can also help your pet get the care they need, when they need it.
This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
1 If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
