How to Finance Emergency Veterinary Bills
Financing Your Emergency Veterinary Bills
When you decided to welcome a pet into your family, you likely asked yourself a few questions: Will I be around enough to meet my pet’s needs? Can I provide the right exercise and socialization? Will I be able to afford the cost of owning a pet??
For many pet parents, question No. 3 is the deal breaker, or at least a cause of anxiety. While figuring out the cost of food, supplies, dog walking, and boarding is fairly straightforward, planning for veterinary care has a way of eluding expectations. Often, you won’t know the price tag for a visit to the veterinary clinic until you’re at the counter checking out. And just as often, you’ll have to steady yourself for sticker shock.?
In 2020, Americans spent $31.4 billion for veterinary care and pharmaceuticals, according to the American Pet Products Association, with routine visits costing on average $212 for dogs and $160 for cats. But what happens if your pet requires emergency attention or suffers from a disease requiring long-term treatment or even surgery? For families with low or fixed incomes, these situations can be particularly challenging.
Financing — through credit cards, loans, or assistance programs — may be your answer. To avoid the heartbreaking decision of having to refuse care when your pet needs it most, evaluate these options ahead of time, so you’ll know what resources are available to help manage unforeseen and overwhelming medical costs later on.
How Do I Finance My Pet’s Veterinary Care?
The first step is to talk with your veterinarian about potential payment options. Some practices put aside funds for people in need. Next, find out if the clinic works with any charitable organizations, like Waggle, that help people pay for veterinary bills through crowdfunding or donations. (Some, including The Pet Fund and Brown Dog Foundation, assist with routine care but not emergencies.)
Credit Cards or Loans for Emergency Pet Bills
Pet care–specific credit cards and loans, particularly for surgeries and nonroutine procedures, may be viable options for you. But before committing, be sure to research the details and do the math — especially when it comes to interest rates — as you would for any other type of financing. Also, check your credit information before applying to make sure it is accurate; credit card companies and lenders often look at payment history and debt-to-income ratio to determine if you are a financial risk.
Credit cards:?Several issuers offer lines of credit that allow you to pay interest only on what you borrow and pay back only what you spend. Certain lenders, including CareCredit, H3 Wellness Plus, and Wells Fargo, offer credit cards to people with fair or poor credit scores. Approval is subject to credit checks and a minimum credit score, however, and may cover only a fraction of your bills, depending on your qualifications. The cards come with different interest rates and fees, including penalties for any late payments, so do your homework ahead of time.?
With CareCredit, for example, if you make minimum monthly payments and pay off your balance within six to 24 months, there is no interest on purchases of at least $200. If you miss a payment, however, you’ll be penalized with a $40 late fee and considerable deferred interest charges dating back to your initial purchase. Alternatively, you can choose reduced annual percentage rate (APR) long-term financing for purchases of $1,000 or more. These would offer 14.9% APR for 24 months, 15.9% for 36 months, or 16.9% for 48 months. Purchases of $2,400 or more may be eligible for a 17.9% APR for 60 months. When comparing terms, be sure to look at the card-user agreement to see potential APRs and special financing offers.
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A popular credit card alternative is a product called Scratchpay, an online, interest-free payment plan that doesn’t require credit approval. It offers what it calls a Take 5 plan, which breaks the bill into five biweekly payments, with no interest and no credit check. Scratchpay also offers one- and two-year repayment plans with varying interest rates.
Loans:?Pet care–specific?loans are lump-sum amounts that you pay back over a set period of time, typically a few years. They have consistent monthly payments and fixed APRs, which are usually higher for people with credit scores below 640. Lenders include First Look, PetLoans.com, LendingUSA, and Medical Financing, each with its own requirements. LendingUSA, for example, offers loans from $1,000 to $12,000 with no interest for six months and an APR up to 29.9%, depending on your credit score and the length of the loan. When considering which option to choose, ask for the expected monthly payment, and if you can’t afford it, look for alternatives that fit your budget.
Helpful Resources
What Are My Other Financing Options?
Check with your veterinarian or the Humane Society of the United States database for?programs that provide financial assistance?or will help you find it. There are breed-specific organizations, such as Special Needs Dobermans, Labrador Lifeline, and WestieMed, and disease- or population-focused groups, like California-based Assistance Dogs Special Allowance Program, that help pay for veterinary care for pets in need.
What About Covering the Veterinary Bills That I Can't Finance?
You can turn to us at Waggle, too. We mix?pet-focused crowdfunding?and donations to help you pay for treatments without the burden of credit cards, loans, and payment plans. You can post a campaign for your pet, and animal lovers like you will eagerly send donations, which our sponsors often match. Whether it’s $1,990 hip surgery for a kitten named Blaine, or $640 for cancer surgery for a 12-year-old Labrador mix named Loki, our supporters, sponsors, and partners make it possible for at-risk?pets to get the life-saving care they need.?
Read more about getting financial assistance for your pet's emergency medical bills: