Owning a pet is one thing. Ensuring you can look after them without worrying about finances matters more.
Having a pet sounds like a dream come true – a dream filled with abundant happiness & expenses. If you are planning to bring home a new friend, you should set aside funds for your pet’s needs. Consider everyday expenses and unexpected medical bills while calculating the figures. Even if you have limited funds or don’t want to exhaust your savings, a couple of pet care financing options are available to your rescue.
Financial planning is additionally crucial when you have or are planning to book a therapy, service, or emotional support pet since they often need training that can be expensive.
Facts Corner
* Expenses incurred on pet products, care, and services crossed $103 billion in 2020.
* in 2020, nearly 83% of pet insurance premiums offered coverage for dogs.
Financing for pet surgery can help meet your pet’s needs. You can choose from a pet loan or a vet loan if you are confident about your creditworthiness. For those with low or bad credit, there’s a flexible & complete payment option to cover the cost of everything – Denefits.
But why do you need financing for pets?
Well, the small size surely doesn’t mean little cost. A pet comes with a set of expenses related to care, treatment, diet, maintenance, and much more.
Medical emergencies are undoubtedly a pet owner’s nightmare!
Suppose your little friend needs an expensive procedure, constant grooming, or pampering. You want to decide based on what’s best for your pet, not how much money you’ve got. And you don’t have sufficient funds in the bank.
What’s next?
If you find yourself in such a situation, pet care financing might be a lifesaver!
Let’s learn more about options to finance your puppy’s health & needs.
Financing Options for Pet Care
Reports reveal more than 50% of Americans with pets can’t afford the average cost of animal medical emergencies ($800-$1,500).
A personal loan for pets may be a suitable option when you can’t afford to manage your pet’s related costs. Veterinary fees, grooming, pet products, care services, or diet-based expenses, you need a constant source of money to keep your friend in the best state. But is taking out a loan necessary when you can manage the cost easily by paying in flexible installments? You only need to search for the best pet financing solution and choose one that fits your needs.
Vet Bills: Expect the Unexpected
Pet emergencies may strike out of the blue. While the timing can be a surprise, the fact is pet medical emergencies or health concerns are not uncommon. If you plan to have a pet one year from now, start maintaining an emergency fund and add money to it every month until you have a cushion of a decent amount. Why? Since there is a 1/3 chance you may end up in a vet or animal emergency room next year.
But what if you have no such savings and your little companion needs emergency care now?
Most animal hospitals and vets offer pet financing these days. Yet the interest rates can be sky high. And given you aren’t in a situation to shop around for the best rates in an emergency, there is a life-saving option for you – Denefits. A complete payment solution that makes financing your puppy a matter of a few minutes!
When not in an emergency, you can compare all your options for the future. Look for the best interest rates and plans so you are prepared for any contingencies. Some lenders let you prequalify for financing. In such a case, you’d know the rate and payment if you get the loan. Some lenders are selective & only offer financing to people with a high credit score, charge high-interest rates, or take ages to approve.
You don’t want to keep your furry friend waiting in need because of unnecessary struggle. Moreover, you don’t want to spend all your money or restock the toys, food, vet visits, and more.
The best way out is to consider a pet financing option that cares about your needs, not the complication.
Remember that the time to plan pet care financing is before it’s needed. Explore all options when there’s no stress of getting them out of an illness, accident, or other medical concern.
Alternatively, you may plan a personal line of credit and use it only if needed.
How to Prevent Common Pet Emergencies?
Well, what’s better than not having any emergency at all? While you can’t avert or predict an emergency, the best way to handle vet costs is to minimize them.
How?
Identify the most common emergencies in pets and keep them from occurring in the first place. You can prevent the majority of pet mishaps with some planning and common sense.
For example, cats should live indoors or in a safe outdoor space. It protects them from hawks, coyotes, eagles, owls, and other predators. Indoor cats may live up to 14 years on average. On the other hand, outdoor cats tend to live hardly three to four years.
Likewise, if you keep dogs from running out in the open or streets, you avert the risk of being hit by vehicles. Invest in dog training or a fenced yard if you have larger dogs. You can easily finance such costs with a pet financing option.
Can’t approve of fencing? Try “invisible” fencing – e-collar for neighborhoods that prohibit fences!
Be with your buddy when outdoors to give them the sight of open. Planning the daily walks, visits to dog parks, and sunning on an enclosed porch will help them feel free yet safe.
Diet, Grooming, & Maintenance:
Other than medical costs, there are monthly, one-time expenses, and yearly expenses to consider.
Basic Costs of Owning a Dog
| TYPE OF EXPENSE | YEARLY COST ESTIMATE |
| Food & Treats | $250-$700 |
| Toys | $25-$50 |
| Beds | $50-$200 |
| Collars & Leashes | $20-$50 |
| Grooming | $30-$500 |
| Routine Vet Care (for a healthy dog) | $700-$2,000 |
| Supplements & Preventative Medications | $200-$600 |
| Training (Classes or Resources) | $25-$300 |
| Dog Walking ($0 (you walk your dog) – $20 per walk, 1x per weekday) | $0-$5,200 |
| Boarding or Pet Sitters | $100-$300 |
| Average Monthly Cost of Owning a Dog | $125-$824 |
| YEARLY TOTAL | $1,500-$9,900 |
If you are bringing home a pet, be prepared for the costs it involves and plans your expenses accordingly.
Cost of Most Common Pet Emergencies
The data below shows the average costs of pet emergencies.
| VOMITING, DIARRHEA, & GASTROINTESTINAL | COST |
| Food bloat | $500 – $1,000+ |
| Gastroenteritis | $750 – $3,000+ |
| Intestinal obstruction with surgery | $2,000 – $4,000+ |
| Pancreatitis | $1,000 – $5,000+ |
| Stomach ‘bloat’ (GDV) | $3,000 – $8,000+ |
| TOXIC INGESTION | COST |
| Antifreeze | $2,000 – $6,000+ |
| Chocolate | $250 – $2,000+ |
| Grapes or raisins | $2,000 – $5,000+ |
| Human antidepressant medications | $1,500 – $2,500+ |
| Human pain medications | $250 – $2,000+ |
| Lilies | $1,000 – $4,000+ |
| Rat poison | $750 – $4,000+ |
| Slug bait | $1,500 – $4,000+ |
| Xylitol | $750 – $4,000+ |
| TRAUMA | COST |
| Cat bite abscess | $250 -$1,500+ |
| Dog bite wounds | $1,000 – $10,000+ |
| Electrical cord shock | $500 – $3,000+ |
| Heat stroke | $1,500 – $6,000+ |
| High-rise fall | $500 – $6,000+ |
| Hit-by-car | $250 – $8,000+ |
| URINARY ISSUES | COST |
| Urinary tract obstruction | $1,000 – $3,000+ |
| UTERUS & BIRTHING ISSUES | COST |
| Birthing difficulties (Cesarean section) | $1,500 – $3,500+ |
| Uterine infection (pyometra) | $2,500 – $5,000+ |
Whatever the reason behind financing your puppy or grown-up friend, there’s always a way to manage the costs.
Alternatives to Personal Loans for Pets
Personal loans are better for high-cost cases. You don’t want to take out a loan just to get your buddy groomed or spoiled.
Furthermore, it’s not suitable when you’re too late to apply for a credit card & already in the vet’s office with a bill. But you can compare & plan one now with no or low annual fee to keep it for emergencies.
Pet Health Insurance
Another option is to consider pet health insurance. Just like humans, pet health insurance comes with certain coverage, deductibles, and other benefits.
Pet insurance policies are comparatively low-cost for younger pets, especially cats. Also, the smaller your pet, the less it will cost you. Though, opting for insurance might not be a great idea if you have an older large dog. Remember pet insurance doesn’t provide coverage for pre-existing health conditions. If your little friend has an ailment prior to insurance, put the premium amount into a savings account to cover vet emergencies in the future.
Unsecured Loans
You don’t have to stress about pre-existing conditions or pet age while borrowing with unsecured personal loans. You can opt to pay less amount monthly with a personal loan as compared to pet insurance.
Flexible Pet Financing
Why worry about high-interest rates, loan approvals, or sky-high premiums when you can finance your puppy in minutes? And that too without a credit check?
Automated software such as Denefits makes it possible for pet parents to look after their furry friend’s needs. You can finance their food & health bills, vet fees, and so much more!
The Bottom Line
A pet is a lifelong commitment. It takes a lot of love, responsibility, dedication, and money to keep things balanced. If you are planning to own a pet, consider financial planning for a smooth experience. If you already have one & need financial help with looking after them, there are always options.
We understand your concerns. And the shortage of money doesn’t have to keep you from enjoying the experience of being a pet parent.
One look at that little, cute face, and anyone would fall in love. That’s why we make pet care financing fast, easy and affordable for everyone.
Welcome more little members to your family without second thoughts!
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