Loans for Veterinary Bills When You Have Bad Credit

When you introduce a pet into your family, you look forward to the cuddles, adventures and joy they will bring. What most pet owners don’t look forward to are the vet bills that can come with pet ownership.

Vet bills can escalate, especially when things get serious. Most pet owners can vouch for wanting to do anything they can to get their beloved pet back to full health, but unexpected vet bills can bring unexpected financial stress.

Don’t let a bad credit history prevent you from accessing vet bill finance. We show you how you can take care of your good boy or girl, even with bad credit.

Why are vet bills so expensive?

Health care is expensive, regardless of whether it’s for your four-legged friend or yourself. The difference is that for humans, the cost of healthcare in Australia is heavily subsided by the government. Veterinary bills are, unfortunately, not eligible for the same incentivised schemes.

The medical equipment, supplies, medication and physical space required to perform quality pet care at a vet clinic all contribute to high veterinary expenses. Not to mention, veterinarians must complete up to seven years of study to become a vet. Vets offer professional services and similarly to general practitioners, they need to be remunerated for their time, skill and expertise. Similarly to other medical professionals, vets don’t always work normal business hours, with many offering on-call pet surgery to ensure your furry friend can access the veterinary care it needs when it needs it.

Affording pet-related expenses

Responsible pet owners know that before they can dream about running their puppy along the beach, they need to run the numbers to ensure that their budget will cover pet-related expenses. Pet expenses will vary depending on what type of pet you have and what state you live in.

Common pet bills include:

• Food, toys and treats (you can’t forget treats!).
• Grooming.
• Accommodation such as crates and kennels, tanks or shelters.
• Desexing, microchipping and council registration.
• Behavioural training programs.
• Pet insurance.
• Regular health care such as worming and parasite prevention treatment.
• Boarding kennels or catteries for when you go on holiday.

While you may be able to budget for standard pet-related costs, pet health care financing when they fall ill or injured isn’t able to be forecasted.

Doesn’t pet insurance cover vet bills?

Similar to other forms of health insurance for humans, pet insurance can help to cover a percentage of your vet bills for specific treatments, but there is no ‘cover-all’ solution. Depending on the level of cover provided, your pet may be covered for both accidental injuries and illnesses. Sometimes though, there is an excess to be paid, just like car insurance, so be mindful when considering which pet insurance policy is best for you.

Can I get vet finance if I have a bad credit score?

Taking care of your pet’s health is undeniably at the centre of every pet owner’s heart. Pet surgery financing to get your best friend the medical treatment they need can be difficult if you have bad credit, are self-employed or receive Centrelink benefits.

Vet bill loans are a form of unsecured personal loan, which means that unlike other secured forms of finance, no fallback or collateral can be provided to help get your application across the line. For this reason, the interest rate for unsecured personal loans can sometimes be higher than for secured loans. It’s important to speak to your lender to ensure you can afford the monthly repayments before unnecessarily adding a credit enquiry onto your credit file.

There are no guarantees of being approved for a personal loan in Australia. Still, if you know you may not meet the lending criteria of most lenders in the market, it makes sense to access a vet bill loan from a specialist lender.

Does Finance One offer large loans?

At Finance One, we offer loans for vet bills between $5,000 and $25,000*. Your loan amount will depend on your needs, as well as your income and ability to repay the loan.

Does vet finance have high interest rates?

Interest rates are a hot topic at the moment, as the Reserve Bank of Australia has increased the cash rate multiple times this year. The interest rate applicable to vet finance will vary, depending on your personal circumstances.

Can I get a Personal Loan to purchase a pet?

If you want to buy a pet but don’t have quite enough in your bank account, it could be tempting to get a loan. If you already have a bad credit score, borrowing money to afford a pet may not be the most financially sensible decision. The more loans you have in your name, the less likely you are to be approved for personal loans in the future to afford unexpected expenses.

Content prepared by an external writer covering topics that may be of interest to our customers. The content does not necessarily represent the views or opinions of Finance One.

All loan applications subject to normal lending criteria. Fees and charges payable.

*Personal Loans over $15,000 must be secured.

Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. Please note that approvals for loan applications are subject to satisfactory documentation being received to properly assess the application. Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.

Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528