If you’re facing a major vet bill and don’t have savings set aside, a pet care loan can help you make sure that your furry, winged or scaly friend gets the best medical help available. Explore your options in this guide, and learn how to get financing as soon as possible.
Compare personal loans for pet expenses
Best for: If you need more than $500 and need same-day funding
{"userFilters":[{"config":{"MULTISELECT":true,"VALUES":"Less than $2000 per month, $2000-$5000 per month, $5000+ per month"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.INCOME_FILTER"},"dataType":"TEXT","label":"Monthly Income","order":3},{"config":{},"dataSelector":{"recordType":"product","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Lender","order":5}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":",","filterBoundsMap":{"product.DETAILS.INCOME_FILTER":null,"product.GENERAL.PROVIDER_ID":null}},"prefilled":false,"experimental":false}
We currently don't have that product, but here are others to consider:
How we picked these
Finder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Best for: If you need less than $500 and need instant funding
3 of 3 results
Finder Score for cash advance apps
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Personal loans from alternative lenders allow you to apply online and get funding as soon as the same day. Rates are 6.99% to 35%, and you make regular repayments over a period of time.
Cash advance apps offer small, instant loans if you pay a fee. These loans come with no interest, and you may repay the amount you borrow any time.
What are the eligibility requirements?
Personal loans typically require you to have a recurring income and meet a minimum credit score. Cash advance apps, on the other hand, may or may not require an income (depending on the lender), and they also skip the credit checks.
Can you get a loan for pet care if you have bad credit in Canada?
Yes, you can get a pet care loan if you have bad credit. Loan providers like KOHO, Bree, Nyble, Loans Canada and LoanConnect all work with borrowers with bad credit. Rather than fixating on your credit score, they’ll consider your income and spending.
Tips to get your loan ASAP
Sign up with a cash advance app. Cash advance apps are as fast as payday lenders, but you’ll pay a fee for the convenience.
Apply via bank verification. Many lenders in Canada require applicants to go through instant bank verification, which allows them to provide instant approval.
Choose a lender that offers e-Transfer funding. E-Transfers tend to be faster than direct deposits. Lenders such as Spring Financial, Nyble and Bree offer e-Transfer funding.
Representative example: Samantha needs to cover vet bills
Samantha is relocating to Northern Ontario. Her dog Spot hasn’t been to the vets in a while, and he is long overdue for at least three vaccinations – and she wants to get him neutered. She will also need to pick up two different medications to see him through mosquito season. She’s been told her total bill will come to $1,150. The cost to neuter her dog will be $250, the two medications come in at $350 and the vaccinations come in at $400 – and then she will have to pay tax.
Samantha doesn’t have this kind of money on hand right now – her big move up north has dwindled her savings. However, since she will start her new job within a couple of weeks, she decides to take out a loan to cover the costs. Heading online, she compares both payday loans and personal loans. Since she has a decent credit score, she settles on a personal loan for $1,200, which will be repaid over 6 months.
Cost of vet bills
$1,150
Loan type
Personal loan
Loan amount
$1,200
Interest rate (APR)
10%
Loan term
6 months
Additional fees
Origination fee of 3% ($36)
Monthly payment
$205.87
Total loan cost
$1,271.24
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Factors to consider when taking out a loan
When comparing your loan options, consider these important factors carefully:
Interest rate. The interest rate you’re offered will depend on a few different factors, including your credit score, the amount of money you wish to borrow and your ability to make your repayments. The lender you choose also makes a difference, so make sure you compare different lenders to find a competitive rate.
Loan amount and term. Only borrow the amount you actually need since you’ll be paying interest on the amount you borrow. Some lenders may set minimum and maximum borrow limits, so make sure the lender you choose lets you borrow the amount you need. Loan terms will also vary between lenders. While a shorter loan term results in higher repayments each month, it can lead to big savings since you’ll pay less interest.
Turnaround time. If you need money in a hurry, limit your search to lenders who provide quick turnaround times. While some lenders can give you access to your funds on the day you apply, others can take several business days.
Purpose of loan. Some lenders place restrictions on how you use your loan funds, only allowing the funds to be used for emergencies, diagnostics, surgical procedures and care of chronic pet diseases and conditions. Other lenders will allow you to use your loan for any legitimate purpose.
How much does it cost to take care of a pet?
Pets can be expensive, and there are many costs related to keeping one. Here are some of the main costs:
Food. You’ll be spending between $120 to $1,000 on food every year, depending on the pet you have and the food you choose. Obviously, a dog is going to eat – and cost – much more than a hamster.
Routine care. Expenses in this area include money you spend on training, grooming, collars and leashes. These combined costs can cross the $500 mark.
Routine medical care. Veterinary exams can set you back $50 to $500 in the first year, with costs continuing for the lifetime of the animal. Spaying and neutering usually costs between $250 and $800. If you have a local Humane Society, there may be resources to find low-cost clinics near you. Flea and tick prevention costs can vary from $100 to $500 per year. Vaccinations cost $60 to $150 per year. If you’re getting health insurance for your pet, it could cost around $200 annually.
Medical treatments. Costs of veterinary care can be a few hundred to more than $2,000, depending on the pet’s condition and required treatment.
Example: $250 loan in Ontario to pay for pet care
The cost of a $250 loan will depend on your interest rate, loan term and any applicable fees. For example, a $250 loan from a cash advance app at 0% interest and standard speed would cost you $250 to pay back. A $250 payday loan, on the other hand, would cost you $287.50 to pay back if you’re in Ontario.
What should I avoid when looking for pet financing?
As with all loans, you should typically avoid the following:
Don’t apply for too many loans at the same time. Lenders will do a hard pull on your credit file, which means you could negatively affect your credit score if you apply for too many loans at once.
If you don’t think you can make your loan repayments on time, avoid taking out a loan in the first place. Look for alternative funding methods, like borrowing money from friends or family or tightening your budget.
Making late repayments can result in your credit score being negatively affected. Some lenders will report late or missing payments to the credit bureau.
Alternatives to pet loans
If you don’t want to take out a loan or can’t qualify for one, you may have other options, especially if you’re struggling to cover veterinary bills. Your options include:
The Society for the Prevention of Cruelty to Animals (SPCA) or Humane Society. Your local SPCA or Humane Society may be able to connect you with low income spay/neuter programs in your province or territory. In addition, they can connect low income earners with veterinary hospitals who offer discounted services.
Local charitable organizations. There are many local charitable organizations in different provinces that help Canadians with financial hardships pay for their veterinary bills. Look into local organizations in your province or territory for more information.
Frequently asked questions
Much like applying for any other loan, you can usually complete the process in 5-10 minutes, provided you have all the required information on hand.
This will depend on the lender. Check the loan's terms and conditions before you apply to see if any early repayment fees will be charged. If you're unsure, contact the lender and ask directly.
To apply for a loan, you’ll need to provide your contact details and information about your employer and income. In addition, you'll also need to provide how much you wish to borrow.
Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
See full bio
Leanne's expertise
Leanne
has written
175
Finder guides across topics including:
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog.
See full bio
Emma's expertise
Emma
has written
124
Finder guides across topics including:
Here’s how to get a $500 loan to see you through until your next payday.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
