Finimpact
Updated on

Best Pet Financing

When setting up a vet payment plan isn't a possibility, pet loans can help you get the funding you need. Find out which pet loans offer the best rates and terms, plus which ones give you the cash you need in a matter of days.

Pet Financing
Holly Johnson
Written by:Holly Johnson
Award-Winning Personal Finance Contributor

Pet financing can be crucial in several scenarios, whether you need a way to finance a new pet or you desperately need cash to cover vet bills. Either way, unsecured personal loans can provide the funding you deserve, then give you the chance to pay them off with a fixed interest rate and fixed monthly payment. Our team of financial experts reviewed more than 30 online lenders to help you get funded, so read on to discover our top picks.

Our Top Picks for Best Pet Financing of 2022

 Marcus_logo
  • No origination fees or late fees
  • Customizable monthly payment
  • No prepayment penalties
Min. Credit Score
Min. Credit Score 660+
Loan Amounts
Loan Amount $3.5K-$40K
Est. APR
Loan Repayment Up to 72 months
discover_logo
  • No origination fees
  • Nine month deferment period
  • Direct payments to creditors with debt consolidation loans
Min. Credit Score
Min. Credit Score 660+
Loan Amounts
Loan Amount $2.5K-$35K
Est. APR
Loan Repayment 36-84 months
credible_logo
  • Uses a soft pull that doesn’t affect credit
  • No minimum credit score required
  • No application or disbursement fees
Min. Credit Score
Min. Credit Score 560+
Loan Amounts
Loan Amount $600-$100K
Est. APR
Loan Repayment Varies

How to Choose the Best Pet Financing?

Our financial experts chose to focus on unsecured personal loans for vet bills since these loans offer flexible repayment plans without any collateral required. If you're searching for pet financing and wondering which factors matter the most, read on to learn the details we compared as we chose the lenders for our ranking.

  • Loan features: Compare puppy financing and loans for vet bills based on the features they offer, including available payment plans and the amounts of money you can borrow. Ideally, you'll find a lender that offers the loan amount you need and a payment plan that makes sense with your goals.
  • Interest rates and fees: Also look at interest rates and fees involved in pet financing loans, and look for providers that have the most affordable rates and terms. Use a loan calculator to see how much your monthly payment might be based on your loan amount and the rate you can qualify for.
  • Application process: Look for lenders that let you check your rate and get prequalified for pet financing online. Also seek out companies that let you complete the entire pet loan application process virtually.
  • Qualification process: Check for qualification requirements, which may include minimum credit score requirements, minimum income requirements, and more. If you know your credit score needs work, look for companies that offer pet loans for bad credit.
  • Customer support: Check to make sure companies have several different ways to contact them, from phone support to email support or online chat.
  • Online user reviews: Read user reviews for companies that offer pet loans and make sure many of their customers report positive experiences.
  • Perks and Bonuses: Check to see whether lenders offer any discounts you may be eligible for. Also check for referral programs, skip-a-payment programs, and other perks.
  • Best Pet Financing Loans for 2022 - Full Overview

    We compared more than 30 top online lenders to find the best pet financing options of 2022. The lender reviews below highlight the offerings of the companies we selected for our ranking, as well as their pros and cons and who they're best for.

1. Marcus by Goldman Sachs — Best Overall

If you have good or great credit and you want to access pet financing with the lowest costs possible, Marcus by Goldman Sachs may be your best bet. This lender offers small personal loans with no origination fees and no hidden fees, as well as some of the most competitive interest rates on the market today. An auto-pay discount is even available, and borrowers can qualify to skip a monthly payment when they make at least 12 consecutive payments in full and on-time.
Pros
Check your rate with no impact on your credit
Competitive interest rates for good credit
Auto-pay discount available
On-time payment rewards
No origination fees or hidden fees
Borrow $3,500 to $40,000
Cons
Good credit required
Higher rates for longer-term loans

marcus by goldman sachs
Loans from Marcus by Goldman Sachs are offered in amounts that range from $3,500 to $40,000, and interest rates fall between 6.99% to 19.99% APR based on creditworthiness. Borrowers can choose to repay their pet financing over 36 to 72 months, which lets them tailor their monthly payment to their budget and goals. Loans from Marcus by Goldman Sachs come with no origination fees, no prepayment penalties, and no hidden fees.

The Bottom Line

Marcus by Goldman Sachs is best for pet owners with good credit who want to minimize their borrowing costs. This lender also lets you check your rate without an impact to your credit score, so it's easy to gauge your approval odds before you apply.

2. Discover — Best Pet Loans for Good Credit

Discover is another lender worth considering if you have a good credit score, or any FICO score of 670 or above. This lender lets borrowers access pet financing with no origination fees and no hidden fees, and interest rates are highly competitive. You can also check your rate online and apply within a matter of minutes. Repayment plans are flexible as well, so you can tailor your monthly payment to what you can afford.
Pros
Check your rate with no impact on your credit
No origination fees or hidden fees
Borrow $2,500 to $35,000
Flexible repayment options available
Competitive rates and terms
Cons
Minimum household income of $25,000 required
Not available for bad credit borrowers

discover
Discover offers personal loans in amounts that range from $2,500 to $35,000, and their loans come with no origination fees, no prepayment penalties, and no hidden fees. Borrowers can repay their loans over 36 to 84 months as well, which helps them tailor their payment to their goals. Interest rates range from 5.99% to 24.99% APR based on creditworthiness.

The Bottom Line

Discover is a top lender for puppy financing, pet surgery financing, and all other financing needs relating to your furry friend. Their loans come with low rates and flexible repayment plans, and there are no hidden fees to worry about.

3. Credible — Best for Small Pet Loans

Credible is a loan comparison site that lets you compare several loan offers in one place. We chose this platform for our ranking based on the fact they let pet owners borrow as little as $600 for their pet financing needs. In the meantime, shopping around with multiple lenders lets borrowers access the best rates and terms for their credit scores and incomes. This website also lets you gauge your approval odds and compare rates from multiple lenders before you apply.
Pros
Check your rate with no impact on your credit
Borrow as little as $600 up to $100,000
Competitive rates and loan terms
No hidden fees to compare rates
Cons
Not a direct lender
Companies on the platform have varying terms
Loan fees can vary by lender

credbile
Pet loans through Credible are offered in amounts from $600 to $100,000, and interest rates can range from 3.99% to 35.99% depending on creditworthiness. From there, the terms for loans through Credible can vary depending on the lender and the offer you select.

The Bottom Line

Consider Credible if you want to compare several loan offers in one place, or if you need to borrow as little as $600 to pay for a new cat or dog or a small medical procedure for your pet. You can check your rate without a commitment before you apply, and rates and terms for loans through Credible are competitive.

4. Earnest — Best for Flexibility

Earnest is an online financial institution that partners with a platform called Fiona to offer personal loans. This platform lets you compare loan offers from multiple lenders in one place, which gives you the utmost flexibility. You may even be able to pay off your personal loan for pet expenses over up to 144 months, which can help you secure the lowest possible monthly payment. Fortunately, Earnest lets you gauge your approval odds before you apply, so you can find out where you stand without a commitment.
Pros
Check your rate with no impact on your credit
Repayment plans up to 144 months
Loan amounts start at just $1,000
Competitive rates and terms available
Cons
Not a direct lender
Companies on the platform have varying terms
Loan fees can vary by lender

earnest
Pet financing options offered through Earnest are offered in amounts that range from $1,000 to $250,000. Interest rates can be as low as 2.49% for borrowers with excellent credit, and approved applicants can choose from repayment plans that last six to 144 months. Terms for loans vary dramatically from there since Earnest is a loan platform instead of direct lender.

The Bottom Line

Consider Earnest for your financing needs if you need to borrow as little as $600 and you want to repay your loan for a lengthy period of time. This loan platform even lets you compare loan offers from multiple lenders, so you're bound to wind up with the best pet loan for your needs and your budget.

5. Prosper— Best for Fast Funding

We chose Prosper for our ranking due to the fact they offer next-day funding for pet owners who need cash right away. This lender also offers competitive rates and terms for their personal loans, and credit scores as low as 600 may be accepted. Potential customers can also check their rate and gauge their approval odds before they apply, which can help them make a decision.
Pros
Check your rate with no impact on your credit
Loans from $2,000 to $40,000 available
Credit scores as low as 600 accepted
Next day funding available
Cons
Potential for a high APR
Choose from two repayment plans
Origination fee up to 5% applies

prosper
Pet owners who choose Prosper can borrow $2,000 to $40,000 for their pet financing needs. They can choose to repay their loans over 36 to 60 months, and interest rates range from 7.95% to 35.99% APR based on creditworthiness. Credit scores as low as 600 may be accepted as well, which opens the door to pet loans for bad credit..

The Bottom Line

Consider Prosper if you want to borrow $2,000 or more and you need cash as soon as the next business day. This lender also lets you check your rate before you apply, so you can gauge your approval odds with ease.

6. Upstart — Best for Fair Credit

Upstart is worth checking out if you need pet financing options but your credit score isn't that great. This lender offers loans for people with fair credit, or FICO scores that range from 580 to 669. They also offer two repayment plans and loan amounts that start at just $1,000. Upstart even says their loan application can take as little as five minutes, and that approved borrowers can get their funding as soon as the next business day.
Pros
No credit score impact to check your rate
Get approved with a fair credit score
Loan amounts start at just $1,000
Competitive interest rates and terms
Cons
Potential for a high APR
Just two repayment terms to choose from
Origination fee from 0% to 8% required

upstart
Personal loans from Upstart can come in amounts that range from $1,000 to $50,000, and interest rates fall between 5.35% to 35.99% APR based on creditworthiness. This lender says the minimum credit score for applicants can be as low as 300. Borrowers who choose this lender can repay their pet financing loans over 36 or 60 months. Also note that all loans from Upstart come with an upfront origination fee of 0% to 8%.

The Bottom Line

Upstart is worth checking out if you have fair credit but you need money for your dog or cat in a hurry. This lender is another one that lets you check your rate and your approval odds online, so you can find out if you're eligible right away.

7. OneMain Financial — Best for Bad Credit

OneMain Financial offers loans for vet bills to people with bad credit, although their interest rates and fees are higher as a result. That said, this may be one of the only companies you can turn to for help if your credit is poor but your dog or cat needs surgery and you don't have the cash. Fortunately, this financial institution lets you gauge your approval odds online. However, you can also visit any of their 1,400 physical branches nationwide if you want in-person help.
Pros
Check your rate with no impact to your credit
Offers pet loans for bad credit
Visit 1,400 nationwide locations
Several repayment plans available
Cons
Potential for a very high APR
Origination fee of 1% to 10% applies

OneMain
Personal loans from OneMain Financial can range from $1,500 all the way to $20,000, which makes them ideal for financing pet surgeries and treatments. Borrowers even have the option to repay their balances over 24, 36, 48, or 60 months. Note that interest rates on loans from OneMain Financial range from 18% to 35.99% APR, so they're definitely on the high end. Borrowers will also have to pay an upfront origination fee of 1% to 10% of their loan amount.

The Bottom Line

OneMain Financial offers pet loans for bad credit when other lenders will not. Consider this company if your credit isn't great but you still need pet financing fast.

Best Pet Financing Loans — Feature Comparison

Company Name

Estimated APR

Minimum Credit Score

Loan Amount

Loan Terms

Marcus by Goldman Sachs

6.99% to 19.99% APR

660

$3,500 to $40,000

36 to 72 months

Discover

5.99% to 24.99% APR

720

$2,500 to $35,000

36 to 84 months

Credible

3.99% to 35.99% APR

Varies by lender

$600 to $100,000

Varies by lender

Earnest

2.49% APR and up

Varies by lender

$1,000 to $250,000

6 to 144 months

Prosper

7.95% to 35.99% APR

600

$2,000 to $40,000

36 or 60 months

Upstart

5.35% to 35.99% APR

300

$1,000 to $50,000

36 or 60 months

OneMain Financial

18% to 35.99% APR

Not disclosed

$1,500 to $20,000

24, 36, 48, or 60 months

What is Pet Financing?

The term "pet financing" refers to personal loans pet owners can use to pay for their pet's medical care, necessary equipment or supplies, and other pet care needs. Some people also use pet loans in order to purchase the pet they want when they don't have the cash.

Personal loans are ideal for pet financing because these loans are unsecured, meaning borrowers don't have to put down collateral when they apply. Personal loans are also called "personal" for a reason. The fact is, the funds can be used for anything the borrower decides, from paying for pet surgery to financing a vacation or consolidating debt.

Another benefit of personal loans is the fact they come with fixed interest rates, fixed monthly payments, and fixed repayment timelines that will never change. This means you'll know from the beginning exactly how much you'll owe each month, as well as the exact date you'll make your last loan payment.

Reasons to Apply for Pet Financing

There are plenty of reasons to apply for pet financing, including the following scenarios:

  • Your pet was diagnosed with cancer, and you're facing an average of $4,000 in expenses for chemotherapy according to recent estimates
  • Your dog or cat was diagnosed with diabetes or another chronic condition that requires pricey medication and ongoing care
  • Your pet needs hip dysplasia surgery, and your pet insurance plan won't cover it
  • You want a specific type of dog or cat, and you need extra cash to finance the purchase
  • Your pet swallowed a foreign object, and you need to come up with thousands of dollars so you can have it removed and save their life
  • Your vacation is coming up soon, and you need access to some extra cash to pay for pet boarding and other related expenses

The Average Cost of Pet Ownership

The cost of owning a pet can vary widely depending on the type of animal you have and the health conditions your pet ends up with over time. That said, the following lifetime pet ownership estimates come from CareCredit, a financing company that offers medical and dental financing loans:

Type of Pet

Dog

$7,565 to $19,060

Cat

$9,150

Bunny

$9,670

Reptile

$4,900 to $9,000

Horse

$100,000 to $500,00

Remember that these figures are just estimates, and that the actual costs of pet ownership can vary dramatically depending on the health of your pet.

For example, you'll face considerably higher pet care expenses if your pet is unlucky enough to need surgery or get diagnosed with a chronic medical condition. CareCredit estimates that the following conditions and treatments cost the following amounts for dogs and cats as of this writing.

Condition or Treatment

Average Cost for Dogs

Average Cost for Cats

Grooming

$30 to $500 annually

$30 to $500 annually

Flea and tick control

$40 to $200 annually

$40 to $200 annually

Cancer treatment (chemotherapy)

$4,000

$4,000

Diabetes

$2,892

$1,634

Broken bone

$2,371

$2,257

Stomach foreign object

$3,262

$2,955

With these pricey figures in mind, it's easy to see where pet loans and other pet care financing options can come in handy.

Pet Financing: Pros and Cons

Pros of Pet Financing:

  • Take care of the pet you love: Pet financing lets you ensure your pet is properly cared for, whether they need surgery or ongoing care for a chronic condition.
  • Predictability: Personal loans for pet care come with fixed interest rates, fixed monthly payments, and a set repayment schedule that you'll know about when you apply.
  • Excellent loan terms: Interest rates for pet loans can be competitive, and they tend to be much lower than rates charged on credit cards.

Cons of Pet Financing:

  • You're racking up debt: You'll have to repay every dollar you borrow (plus interest and fees) regardless of the outcome of your pet's medical condition.
  • You'll put your credit at risk: Failing to repay your pet loan will cause damage to your credit score.
  • Bad credit can make borrowing expensive: The best rates and terms for pet loans always go to those with good or excellent credit.

Alternative Financing Options

If you're on the fence about taking out a personal loan to finance your pet's medical care, make sure to consider potential alternatives and how they could work for your needs.

Payment plan through vet’s office

Some veterinarians may let you set up a vet payment plan, although this isn't always the case. You'll need to inquire in your vet's office to see if payment plans are offered, and under what terms if so.

Non-profit assistance

There are financial resources available for pet owners in need, yet acquiring assistance from a non-profit may take extra time you don't have. Non-profit organizations that may be able to help with vet bills include Frankie's Friends, The Pet Fund, and RedRover, to name a few.

Veterinary school

Some veterinary schools may offer reduced rate pet care, although the type of care you need may or may not be available when you need it. You can inquire with veterinary colleges in your area to see if they can help, but make sure to have a backup plan.

Credit card

You can also use a credit card to fund care for your pet in a veterinarian's office, although doing so can be costly. After all, the average interest rate on credit cards is currently over 16%, and many credit cards feature variable rates that are much higher than that.

How to Apply for Pet Financing

While applying for pet financing can look differently depending on the company you decide to work with, the same basic steps are required.

  • Step 1: Decide how much you need to borrow to take care of your pet's needs.
  • Step 2: Look for companies that offer loan amounts that fit with your goals.
  • Step 3: Check your rate online with at least three or four different companies in order to find the lowest possible rate.
  • Step 4: Compare lenders based on their interest rates, their loan fees, and the different repayment plans they offer.
  • Step 5: Decide which lender offers the best loan for your needs, and move forward with the application.
  • Step 6: Provide the lender with your full contact details, your Social Security number, your employment information, your income, and other details they ask for.
  • Step 7: Wait to see if your loan is approved, which could happen in a few minutes or several days.
  • Step 8: See if the lender needs you to send in any documentation to approve your loan, and do so if they ask.
  • Step 9: Once your loan is fully approved, you will receive the loan funds directly in your bank account.
  • Step 10: Begin making payments on your loan based on the terms you agreed to when you applied.

Conclusion

If you are desperate for pet surgery financing or cash to care for your beloved cat or dog, pet loans from the lenders on this list can help you get what you need. That said, you should take the time to compare each of these companies based on their loan amounts, their advertised interest rates, and the repayment plans they offer. From there, you should check your rate with a few lenders to see which one might offer you the best deal.

With some basic research and comparison shopping, you could have the funding you need for your pet in a few days or even less.

Frequently Asked Questions (FAQ)

Do I qualify for pet financing?

To find out if you qualify for pet financing, you should check your rate and approval odds with a few of the lenders on this list. Entering some basic information can help you see if you could qualify, and there won't be any impact to your credit score, either.

Can I buy a pet using a personal loan?

You can use the funds from a personal loan for anything you want, including the purchase of a new pet. Other common uses for personal loans include debt consolidation, paying for home repairs, and covering surprise expenses.

Can I use personal loans for vet bills?

You can use a personal loan to cover vet bills and any other bills you have. However, you'll need to keep up with the payments on your personal loan if you want to avoid damage to your credit score.

How much will pet financing cost me in interest and fees?

The total costs of pet financing will vary depending on your loan amount, lender fees that apply, and the interest rate you qualify for. The repayment plan you choose will also play a major role in how much interest you pay over time.

That said, you can find out the information easily with the help of a loan calculator.

Related Loan Picks