Editor's choice: LendingClub personal loans
- Less strict eligibility requirements
- Quick turnaround time
- High Trustpilot rating
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Ownership of pets is on the rise. Estimates suggest that around 71 million homes in the US have one or more pet – and that can be an expensive business.
Data from the American Pet Product Association (APPA) shows that Americans spent around $47.7 billion on pet care products and services in 2010. Of this, around $15.04 billion went towards veterinary care.
Technological advancements in the field of veterinary science make sophisticated treatments available easily, but these can come at prohibitive costs. If you’re facing a major vet bill, a pet care loan can help you make sure that your furry, winged or scaly friend gets the best medical help available.
To apply for a pet care loan, you have to meet some basic eligibility criteria. Upon your application’s approval the lender will present you with a loan contract. Once you accept the contract’s terms and conditions the lender will disburse the approved funds. Depending on the lender you choose and how you apply, you can collect cash in person or have it transferred to your bank account directly.
After you get the money you have to start making periodical payments as per a predetermined payment plan.
Pay attention to these aspects when you’re comparing pet care loans:
Pets can be expensive. Here are some of the main costs:
Avoid applying for multiple loans at the same time. Your applications for credit will be mentioned on your credit report, which can have an adverse effect on your ability to get credit in the future.
If you think you won’t be able to repay the loan on time, you may want to avoid taking it in the first place. If you don’t repay the loan in a timely manner, it will have a negative impact on your creditworthiness. In such a scenario, you may want to consider getting a loan from a friend or family member. You can also talk with your vet about creating a payment plan.
Adopting a rescue from a shelter is typically inexpensive — you might have to pay for a vaccine here or there but nothing unaffordable. Purebred pets are another matter: Expect to pay between $500 and $3,000 for a cat or dog, more if you want to get a large or exotic pet.
If your pet is on the expensive side of things, you might want to consider taking out a pet adoption loan. You can typically borrow between $1,000 and $50,000 from pet adoption lenders at interest rates starting at around 6%. Not sure you’d be a good pet parent? There are also pet leasing options, where you pay a monthly fee over two to four years with a buyout option at the end.
Don’t want to take on debt? Don’t think you can qualify? You might want to check out nonprofits that offer assistance to pet owners, especially if you’re struggling to cover medical bills. These include:
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