Animal funds

Do I Need to take out a pet loan? Here’s What You Need to Know Before Taking Applying for a Pet Loan

The health of your pet is not something to take for granted. Even the healthiest animals can become ill or wounded, and if this happens, you may need to seek medical help to get your pet back on its feet.

Veterinary science advancements have made it easier for animals to receive treatment, yet it can still be costly. You may need to check into pet financing to pay for the therapy. If your pet is unwell, there are several veterinary financing solutions available, ranging from pet loans to vet loans. There are even pet surgical financing solutions and bad credit pet loans available to assist you in covering the expense of treatment. For more details check out BridgePayday here!

What is a pet loan, exactly?

A pet loan is similar to a personal loan in that it requires an application to be approved. The lender will look at your credit history and financial information to see if you qualify for a loan. 

If you qualify, the lender will present you with loan terms that include a spending limit and an interest rate.

If you’re looking for a pet loan to aid with vet fees, keep in mind that these loans have a limited term, which means you must repay them. The lender and your financial situation usually determine the loan’s other terms.

The average cost of caring for a pet

A variety of factors determines the typical cost of caring for a pet. The type of pet you have, its size, and the setting you grow it are all factors.


According to the ASPCA, a cat is slightly less expensive than a dog, costing around $1,149 per year. This figure accounts for $225 in meals, $160 in annual medical expenses, and $140 in preventative drugs. The costs of adopting a cat are less than half of those of adopting a dog, at $455. They include $150 for spaying or neutering, $175 for an initial medical checkup, and $20 for a microchip.


Rabbits can cost anywhere from $50 to $100 to add to your family, though the price will vary based on the breed of rabbit you choose. Flemish Giant rabbits and Harlequin rabbits cost $50 to $100, whereas American rabbits cost $20 to $50. Show rabbits and rabbits bred by champion breeders can likewise be more expensive.

To start and maintain effective long-term care, you’ll need a range of supplies. You will require a hutch or cage, food dishes, a litter box, and nail clippers. Your rabbit’s hutch will cost much more than the animal itself, ranging from $150 to $200 for an outdoor enclosure and $100 for an interior enclosure. Annual checkups for your rabbit will cost between $20 and $50, and immunizations will cost between $20 and $30.


A dog will cost an average of $1,391 per year. Food, regular medical care, and preventative meds such as heartworm and flea and tick medications are all included in this fee. As part of the annual expenditure, you should spend roughly $300 on food and $225 on routine medical visits. 

Treats, toys, and grooming are additional expenses you should budget for as a dog owner.

There are also one-time start-up expenses for dogs, which are around $1030. These fees include the $300 cost of spaying or neutering the dog and the $300 cost of initial medical and immunization bills. It would help if you also considered purchasing a dog carrier and microchipping and training materials, which cost $50, $20, and $200.


The cost of owning a reptile varies greatly depending on the species of reptile you select. A lizard can cost between $190 and $260 per year, whereas an iguana can cost between $250 and $350. A pet snake can cost anything from $250 to $450 each year. Veterinary care, food, and start-up materials such as cages or tanks and heat lights are all included in these annual estimates.


A simple goldfish in a bowl, a tropical freshwater tank, or a high-end saltwater tank are all examples of pet fish. A simple feeder or ordinary goldfish will cost less than $1, but a gourmet goldfish will cost around $5. Freshwater tropical fish range in price from $3 to $12, whereas saltwater fish can cost $30 or more. Prices will also differ significantly depending on whether you buy juvenile or adult fish. Adult freshwater fish can sell for $100 to $300 per, while adult saltwater fish can sell for more than $100.

It’s a good idea to do some study on the care and equipment needed for the sort of fish you’re thinking of getting as a pet before you buy one. A small bowl costs $10 to $20, but high-end fish tanks can cost more than $1000, depending on the size and complexity of the tank.

A water filtration system, which typically costs $5 to $15 for every 10 gallons of tank water, is necessary for keeping a healthy fish tank. Other start-up costs to consider are gravel, fish tank decor, and plants for your tank. The cost of these things varies considerably based on your preferences and choices. Gravel and decor can cost up to $50 or more, depending on tank size. 

Plants can set you back to anything between $5 and $25.

Reasons for Taking Out a Pet Loan

If your pet requires surgery or extensive treatment, the costs can quickly mount, and most veterinarians do not provide in-house financing. This can be a problem if you can’t afford to pay cash or if you don’t have enough credit card space to finance them.

If you don’t have pet insurance or the cash on hand to pay for pricey medical treatment for your pet, pet loans can help. As a bonus, some veterinarians or lenders will offer special zero-interest financing on charges over a specific amount, making financing through these lenders a better option than putting a significant pet procedure on a high-interest credit card.

Alternative sources of funding

If your pet surgery finance costs are mounting, a pet loan isn’t the only option for assistance. 

Depending on the circumstances, alternative financing methods can be just as valuable as a pet loan. 

  • Veterinary colleges or low-cost veterinarian options: If you can’t identify a non-profit organization that can aid, look into vet colleges or low-cost veterinary clinics. Vet colleges frequently have low-cost clinics attached, and your pet can often receive the care it need for a fraction of the cost offered by other clinics. Some places, such as rural or low-income areas, are served by low-cost veterinarian choices, which can help you save a lot of money on your pet’s treatment if you qualify.
  • Use a credit card to pay for medical bills: Using a credit card to pay for medical expenses is another alternative, but it can be problematic for various reasons. Using credit will allow you to pay for the high prices of vet bills over time, but the average credit card interest rate is around 16 percent, so unless you have a credit card with a low-interest rate, you’ll be spending a lot of money with this strategy.
  • Set up a payment plan: It’s not typical, but your vet might be willing to work out a payment plan with you, which can help ease the financial burden by dividing it down into manageable chunks.
  • Seek assistance from a non-profit: Some non-profit organizations provide grants or low-interest loans to pet owners to help them pay for their pet’s medical treatment. For example, if your pet has cancer, The Magic Bullet Fund is a good place to start. It offers support and assistance in ensuring that your pet receives the medical care it requires.