If you own an animal as a pet, it is a part of your family. It’s the reason you might be in a difficult situation when your pet is sick. In the end, you would like your pet to receive the best treatment available, but it can come with the cost of a huge amount.
The downside is that the procedure can cost several thousand dollars, and you’ll be left wondering how you will finance the expenses of healthcare.
Here are some possible sources of financing to consider in case you have to pay for vet treatment.
Personal loans like emergency loans are an excellent option to help pay for the care of your pet and are likely to be less expensive than the average rate on the credit card.
The advantages of personal loans include:
- You can apply for a personal loan in amounts from $1000 to $50,000 plus.
- With certain lenders, you could receive funds within the same day you’ve been accepted.
- You’ll pay off the loan over an established time frame, by making monthly payments.
- Personal loans typically have fewer interest rates than credit cards.
It is not necessary to search for a cash loan for emergencies that is specifically designed for vet expenses however, such loans do exist. The lenders of personal loans do not care about how you will use the funds when your loan is granted. You can therefore apply to anyone’s personal loan lender and get the funds you require to pay for the care.
Most vets accept credit debit cards and you can pay for your pet’s treatment even when you aren’t able to pay for it yourself. However, credit cards typically have high rates of interest — in the event that you aren’t eligible to get a card with a special promotional 0% APR.
If you qualify for the low-interest intro APR credit card and pay back the card prior to the promotional period ending the card could be an extremely affordable method to cover your pet’s treatment.
If you’re not eligible to receive a 0% rate or if you’re unable to pay the balance off before the time your rate is due to expire and you’re in the market for a personal loan, then look into the possibility of a personal loan instead.
CareCredit is a credit card designed specifically to be used to pay for medical expenses such as medical treatments for animals. More than 200,000 places across the nation accept CareCredit however, you should consult your veterinarian to determine whether they’re a participating provider.
Although CareCredit’s APR standard is quite high at 26.99 percent, the company offers various financial options cheaper. You could get a deferred-interest plan if you’re spending $200 or more to cover the cost of caring for your pet. If you have a deferred interest program the interest accrues from the first day but you won’t be penalized for the interest if you make the payment in the promotional period, which typically lasts for six, twelve 18, or 24 months.
CareCredit offers other low-interest options for loans that are longer-term when you need to borrow larger amounts. If you take out a loan of at least $1,000 you may be eligible for a 24 36-, 48- or 60-month loan with a 14.9 APR of 14.9 percent. If you’re able to borrow $2500 or greater, then you may be qualified for a loan that has the option of a 60-month repayment plan with a 16.9 percent APR.
If your doctor is a participating veterinarian, you may be able to apply for CareCredit in the vet’s office. Make sure to confirm that this is the most affordable option of financing available to you. Also, be aware that if you go for an interest-only loan that is deferred, you could be liable for a large sum in interest if you don’t manage to pay back what you borrowed at the time you need to.
If you’ve got a pet insurance policy and are able to get insurance to take care of your pet it’s a great idea. It is important to be able to have a pet insurance plan in place prior to the time your pet is sick. Insurance companies for pets can and will not cover pre-existing health conditions. Therefore, if your pet already requires medical treatment then you will not be able to purchase insurance and receive coverage once the need has arisen.
If you choose to purchase insurance for your pet, be sure you understand how the policy will work. Find out if there are limitations on the amount that the insurance company will cover per condition or throughout the life of your pet. Be sure to determine the possibility of having to make a payment upfront and then get reimbursed later for the costs. Most pet insurance plans are designed in this manner, however, it’s not easy to find hundreds of dollars to cover the cost of treatment upfront regardless of the fact that you’ll be reimbursed by your insurance in the end.
What’s the most effective way to cover the vet’s treatment for your pet?
The bottom line is that every pet owner has to decide the best method of financing depending on the cost of medical treatment and the options offered. In the event that you do not have insurance for your pet and you are in search of a low-cost option for financing that has an established repayment plan then a personal loan can be an excellent option to pay for the costs of your pet and get your pet back to healthy health.