Whether your pet needs routine surgery or emergency care, understanding the expenses involved and exploring various financing options can help ease the stress. This article will help you understand the best course of action for your specific scenario.
Pet surgery for cats or dogs can cost around $500 to $7,000, according to MetLife Pet Insurance. Common cat surgeries include mass removal, bladder surgery and wound surgery, which cost around $500 to $4,000. For dogs, common surgeries include hip dysplasia, cataract surgery, tibial plateau leveling osteotomy and much more, which cost up to about $7,000.
With pet surgery and other medical needs, costs can run high. Fortunately, various financing options are available to help you manage the costs and financial stress — even if you need immediate funding. Let’s go over your loan options in more detail.
Pet loans are a form of personal loan used to fund pet-related expenses, including surgeries, adoption costs, veterinary bills and other emergency pet care costs. Some lenders like LendingUSA and CareCredit offer dedicated pet loans. In some cases, pet loan lenders may allow you to pay no interest on your principal if you can pay off your loan in full within a specified time.
Like personal loans, pet loans are unsecured debt, which means the bank doesn’t require you to put up any collateral. However, lenders often have stricter eligibility requirements to make up for the risk.
Personal loans are another unsecured debt option for financing large and unexpected pet expenses. Many financial institutions offer personal loans, so you can easily find options with a track record of positive customer reviews.
Interest rates can range from about 6% to 36%, depending on your creditworthiness. Personal loans generally have fixed interest rates, with terms from two to seven years.
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Another option is to use credit cards to finance pet surgery, especially if you have a card with a high credit limit or a promotional interest rate.
Credit cards offer immediate access to funds, which can be crucial in emergencies. Some cards offer introductory 0% APR periods, which can help you finance the surgery interest-free for a limited time. However, once the promotional period ends, interest rates can be high, making it an expensive option if the balance isn’t paid off quickly. Basically, if you have other options, you may consider a high-interest credit card a last resort.
Many veterinary clinics offer financing plans to help pet owners manage the cost of surgeries and other medical expenses. These plans often come with low or no interest for a set period.
Vet financing plans are tailored to your pet’s medical needs and can be convenient if you prefer to work directly with your veterinarian. The terms and conditions vary, so it’s important to understand the repayment schedule and any potential fees.
Several local nonprofits offer financial assistance for pet surgeries. These organizations can provide grants or low-cost loans to help cover veterinary expenses.
Examples include organizations like RedRover and The Mosby Foundation, which offer financial aid for emergency veterinary care. These nonprofits aim to assist pet owners in need, making surgery more affordable for those who qualify.
Financing your pet’s surgery depends on several factors, including urgency, eligibility, how much funding you need and other factors specific to your situation. However, here’s a general idea of how to start the process.
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Companies like LendingUSA partner with online lenders with flexible eligibility requirements specifically for pet loans. There is no minimum credit score requirement needed to apply, making it an attractive option for those with bad credit.
You can also explore companies like Fiona, a personal finance service that helps borrowers compare online lenders for personal loans with flexible eligibility requirements and quick funding.
Pet insurance can cover surgery, including emergencies and some preventative procedures. There are two main types of pet insurance that cover surgeries: accident and illness and accident-only.
Accident-only pet insurance policies, such as those offered by ASPCA Pet Insurance, typically cover surgeries resulting from accidents like fractures or ingestion of foreign objects. On the other hand, comprehensive plans from providers like Spot and Lemonade cover a broader range of surgeries, including those needed for chronic conditions or diseases, as long as they are not pre-existing.
It’s crucial to review the details of your pet insurance policy to understand what surgeries are covered, any exclusions and if there are waiting periods before coverage begins. Finder US Banking Publisher, Gabrielle Pastorek, says she recently looked into pet insurance for her older dog and “found that there is a ton of red tape around getting insurance for older dogs or dogs with existing conditions.” Contacting the insurance provider directly can clarify coverage details and help you choose the best plan for your pet’s needs.
Keep in mind, many types of pet insurance are reimbursement policies, which means you’ll still need to have the money to pay for any surgeries up front.
Each financing option has its own benefits and drawbacks, depending on your finances and credit score. Nonprofits can also be a great resource, offering grants or low-cost loans for those in need. Exploring your options can help you find the best way to get your family pet the care they need.
Greatnonprofits.org gives The Pet Fund a five-star rating, with over 50 positive reviews from volunteers, supporters and donors. However, they are not rated on Charity Navigator.
The Pet Fund is a legitimate non-profit organization. However, it is important to note that The Pet Fund works only on non-basic, non-urgent care, including cancer, heart disease and so on.
Most lenders prefer a credit score of 620 or higher. However, platforms like LendingUSA, which allow you to compare lending options, don’t require a minimum credit score to apply.
Some lenders offer pet loans without a hard credit check, meaning your credit score won’t be affected when you apply. Plus, you may be able to qualify based on your job instead of your credit.
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