Loans for vet bills: Options to pay for emergency pet care

Every pet owner knows the deep bond we share with our four-legged family members. When a pet is ill or in an accident, the last thing we want to worry about is how we'll afford their medical care, but many pet owners do. A recent study by PetSmart and Gallup uncovered that 52% of pet owners have declined or delayed health care because of the cost.

By understanding your financing options, such as personal loans that can be used for veterinary care, you can make the right choice for you based on what’s reasonable and affordable.

Understanding veterinary bill challenges

It's no surprise that vet bills can be costly. For example, emergency vet bills generally range from $1,000 to $10,000, depending on the condition facing the pet. Because vet bills can be expensive and you usually need to foot the out-of-pocket costs upfront, it's important to get an upfront estimate from a care provider if the option is available and you're not facing a dire situation. Getting an estimate can help you understand potential expenses and prepare for them.

Another thing to keep in mind: Health care for pets works differently than human health care in that it’s largely paid out of pocket. Even if you have insurance, which can help you offset the expenses for expensive veterinary bills, pet insurance works differently than health insurance for humans. For one, you'll need to pay the bill upfront and file a claim to receive any eligible reimbursement.

If it's a non-urgent procedure or matter, you can shop around for pet care. If the veterinarian or pet hospital charges high fees for standard care or treatments, you can price-shop or opt to visit another care provider for a second opinion.

And on the same note, the rise of corporate entities buying once-independent veterinary practices influences expenses. It might also be chalked up to the higher price tag of pharmaceuticals and supplies, the increasing expenses of new technological advancements, and longer pet lifespans.

Personal loans: an affordable option for vet bills

In addition to getting pet insurance, a personal loan can be used to finance unexpected vet bills or pay for urgent, life-saving procedures for your pet that you may not be able to pay for out of pocket.

Because personal loans are flexible in how they're used, you can use the proceeds to cover an unexpected expense. For personal loans for a vet bill, you'll want to keep in mind the personal loan requirements that make it easier to get approved. You need a credit score requirement of 610 to 640, and debt-to-income ratio (DTI) requirements of 36% to 43%, depending on the lender. Rocket Loans℠ requires a credit score of 640.

The amount of a personal loan and the terms can vary based on your needs and qualifications. This can be used to pay for any pet care need, including medication.

One of the advantages of personal loans is that they often offer a lower interest rate than most credit cards. You can choose different loan terms. For example, with Rocket Loans℠ the loan terms include a repayment period of 36 or 60 months.¹ Rocket Loans℠ also offers unsecured personal loans, which means that you don't have to provide collateral, such as your home, car, or an investment account.

Pet insurance: pros and cons

Purchasing a pet insurance policy also can help pet owners offset the costs of necessary care, including some emergency services.

When shopping around for pet insurance, you'll want to consider the following when comparing plans:

• Monthly cost
• Deductibles
• Coverage options (including any uncovered services)
• Reimbursement
• Network restrictions (in-network vs. out-of-network veterinarians)
• Waiting periods

Many pet insurance policies cover accident and illness, but not preventive care or wellness exams. These policies may only cover emergencies, while others may be upgraded to cover many types of care. Some even offer add-ons for preventative dental.

Alternative financing solutions

If you have a low credit score and high DTI ratio, you might not qualify for a personal loan. And even if you can qualify, you might not be able to borrow all the funds you need to cover the entire cost of a very expensive vet bill.

Pet bills can be very expensive. And when faced with a chronic illness, injury, or devastating accident, you may need to seek out additional help to pay for unexpected pet care.

Negotiating payment plans with your vet

Some veterinarians and animal hospitals may offer payment plans. This financing option can help you pay for a large bill over a period of time. Some vets may offer this option without interest, but others may add interest or other fees. You'll want to ask and make sure you understand all the fees and costs involved.

If you're considering a payment plan, this should be discussed with the vet staff as soon as possible. While not every hospital or veterinarian practice may allow for payment plans, pet owners should not feel hesitant about inquiring.

Some vet practices may require you to use payment options like a medical care credit card if you want to cover your credit card over time. However, some of these options usually charge significantly higher interest rates. For example, CareCredit offers different options depending on the procedure, and you can see their current charges here.

Leveraging veterinary school services for affordable care

If you happen to live near a university with a veterinary program, you might be able to seek care through student vets. This option might provide more affordable prices than other options, including pet financing. 

Universities with more specialized veterinary programs may recommend, although not require, a referral from a primary care veterinarian. That way, the pet sees the correct veterinary specialist at the university’s hospital.

Charities and crowdfunding

If you're in a financial pinch and feel like you've run out of options, charities and/or crowdfunding sites may also help you pay for unexpected veterinary bills. Here are some charities you can look into:

• The Pet Fund - This nonprofit helps with pet care for pets in need.
• Brown Dog Foundation - This nonprofit offers financial help to help afford life-saving medical procedures and treatment for pets.
• RedRover Relief - A charity with a mission to provide urgent care grants for animals.
• Paws 4 A Cure - An organization that's devoted to providing financial help to dogs and cats in the treatment of various injuries and illnesses.
• The Mosby Foundation - is a 20-plus-year-old charity that helps low-income dog parents fund medical care that they couldn't otherwise afford.
• Bow Wow Buddies Foundation - This nonprofit offers sick and injured dogs a chance to heal. Bow Wow gives financial assistance to struggling dog owners to help them cover vet bills for serious conditions. It also provides rescue shelters and organizations to help to cover medical treatments.

In addition to these nonprofits, crowdfunding sites like GoFundMe may also be a strong route to raise money to pay for unexpected pet care.

Finding care through animal rescue organizations

Some rescue organizations also may offer discounted pet care, including services like spaying, neutering, and routine vaccinations. You can ask your trusted network of pet parents or animal lovers for recommendations. Or research groups in your area to ask about available care services.

The bottom line: Pet owners have options when faced with high care costs

While the price tag for vet services has gone up in recent years, there are still options for paying pet medical bills. A personal loan for a vet bill can be used to pay for urgent procedures. There are also many charities that can lend you a helping hand.

You can research pet insurance options before you're faced with an emergency. If you need help paying for unexpected veterinary expenses, you can see what you may qualify for by reaching out to Rocket Loans℠.

¹ All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. This is not a deposit product. Please refer to our Disclosures and Licenses page for state-required disclosures, licenses, and lending restrictions.

Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age. All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice.

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