Using personal loans for vet bills and other pet expenses

Potential drawbacks to using a personal loan for vet bills

There are a few things to be aware of before applying for a personal loan, including loan interest and creditworthiness requirements.

Interest payments

Like most other loans, personal loans accrue interest, which means you’ll ultimately pay back more than the principal. Rates can vary based on your credit score, lender and other factors. In addition to interest, some personal loans can come with additional fees, such as origination fees.

Creditworthiness requirements

Lenders have creditworthiness criteria that personal loan applicants must meet. The exact requirements will vary based on the lender and the type of loan, but in general it’s harder for someone with lower credit to get approved. It’s a good idea to research different lenders and their credit score requirements before applying for a loan.

When to consider a personal loan for pet expenses

A personal loan can be a way to cover one-time pet expenses, such as a medical emergency or necessary surgery. Pet surgery can easily cost thousands of dollars, and not everyone has the savings to pay vet bills outright. Knowing that you can quickly and easily secure a personal loan may help you make a fast, life-saving decision for your pet.

Alternatives to using a personal loan for pet expenses

A personal loan can be a good option for one-time expenses like a large vet bill. For smaller and ongoing medical expenses, you might want to consider credit cards or pet health insurance. You can also talk to your veterinarian about a payment plan for larger costs.

Credit cards

As a pet owner, smaller vet bills and regular pet care expenses should factor into your budget. These day-to-day expenses are typically better suited to a credit card. If you have a less expensive emergency cost, it might make sense to pay for it with a credit card, assuming you can pay it off in full by your payment due date.

Insurance

With pet health insurance, you pay premiums. When your pet has a qualifying medical expense, the insurer either pays the vet directly or reimburses you. The treatments covered and the percentage covered will depend on your policy.

Vet payment plans

Many vets will offer their own financing options or payment plans, allowing you to pay your bill in installments.

While not always possible in an emergency, consider seeking care at a teaching clinic or nonprofit. These places often offer services at a lower cost, reducing your overall bill.

Citi offers personal loans to both existing Citi customers and new Citi customers that meet specific eligibility criteria, including an established credit and income history along with additional factors determined by Citi. If you think you could benefit from a Citi Personal Loan, apply online today.

Disclosure: This article is for general educational purposes. It is not intended to provide financial or tax advice. It also is not intended to describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products. Please consult your tax advisor with any tax questions. Citi is not a tax advisor.

¹ If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.