Vet loans

With a vet loan, you can finance a variety of pet-related expenses. These can range from the cost of buying a pet to emergency vet bills or surgery. Vet loans work like standard personal loans, and will include interest charges, fees and a loan term. Your vet may also have partnered with providers to offer various financing options.

What are vet loans?

The term vet loans refers to personal loans used for expenses related to your pet. This can refer to veterinary expenses, but also includes the purchase of a pet or insurance. You can use a vet loan to pay for emergency vet bills and surgery, as well as pet-related expenses like pet day care, pet insurance, kennels, rehabilitation and long-term treatments. 

Where can I find a vet loan?

You can take out a standard personal loan and use the funds for pet expenses. Or you could approach specialty lenders, like non-bank lenders that specialise in personal loans to cover pet-related expenses. These loans work like other personal loans, in that you’ll have to make regular repayments over a period of time. Charges will include interest and sometimes fees like establishment and monthly fees. Some lenders also offer personalised rates, allowing a range of borrowers access to credit. With personalised interest rates, your credit score will determine how low or high your interest rate will be. 

How do I compare vet loans?

There are a number of factors you need to consider when comparing pet loans. These include: 

• Interest rates, fees and overall cost. Your loan will include a number of costs, like interest charges and fees. A loan with a low interest rate will cost you less, but you should also consider the cost of fees. Look for a loan with low interest and fees. Keep an eye on the comparison rate, which includes interest and fees. This will give you an indication of the true cost of the loan.  
• Loan term. Your loan term dictates how long you have to repay your loan. Shorter loan terms mean higher monthly repayments, but you get to pay off your loan and get out of debt faster. A longer term will come with lower monthly repayments, but it may end up costing you more in the long run. Your monthly interest charges will add up, potentially making a longer term loan more expensive.  
• Loan amount. Lenders have minimum and maximum lending amounts. You should ensure the money you want to borrow falls within this range. 
• Repayment flexibility and extra features. Some loans may allow you to tailor your repayments according to your pay cheque. This can mean weekly, fortnightly or monthly repayments. The loan may also offer free extra repayments and redraw, as well as penalty-free early repayment of the loan. These features will allow you to pay off your loan early, make extra repayments and bring down your interest charges. With a redraw facility, you could redraw your extra repayments in case of emergencies. 
• Eligibility. Each lender will have its own eligibility criteria, including income and credit score requirements. You may not be eligible for all personal loans, so it’s best to filter out lenders based on whether you meet the eligibility criteria. 

Does it matter what pet I have?

Personal loans are generally flexible. You can use the funds for any worthwhile and legal purpose. This means that it does not matter what pet you have, whether it’s a standard cat or dog or something more exotic, like a snake. 

What if I need a vet loan urgently?

If you’re looking for urgent funding, look for a personal loan that comes with a quick turnaround time. Some lenders, particularly if you already bank with them, may provide same-day funding. The same applies for non-banks, which may specialise in urgent loans. Alternatively, you could also apply for a payday loan, with some lenders offering funding within the hour. Keep in mind that these loans are more expensive than standard personal loans and come with high fees and charges. 

What should I keep in mind when applying for a vet loan? 

• Affordability. You must be able to afford the repayments in the first place. If the loan looks too costly and you’ll struggle financially, you should reconsider. Lenders will only accept your application if they’re certain you can repay the loan comfortably. 
• Multiple applications. It’s best to find a single personal loan you’re eligible for and apply only for it. This is because multiple applications will result in multiple hard credit checks, which will have a negative effect on your credit score. This, in turn, will make it harder for you to get credit in the future.  
• Licenced lenders only. You should ensure the lender you’re working with has registered with ASIC. It should be a reputable company and easy to contact, in case of an emergency. You should check its reviews online and look into its history. There are plenty of unlicensed lenders, some of whom may have predatory lending practices. 
• Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees and payments. Failing to do so will have legal repercussions and will appear in your credit report. You could also lose personal assets depending on the type of loan. 

How can I apply for a vet loan?

🤔 Work out what type of loan you can apply for, how much you need to borrow and what you can afford.

🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison table on this page.

✅ Select a lender. Click “Go to site” to be directed to the lender’s page, or “More info” if you want to read about the lender.

🖨️ Organise and prepare the required documentation. This will make the application process easier.

📱 Apply. Most lenders have their applications online.

Frequently asked questions

• Can I get a vet loan with bad credit?

  Yes, you can get a bad credit personal loan to pay your vet bills. Keep in mind that not all lenders offer such loans. Lenders that do may offer personalised interest rates, with your credit score determining how much you pay in interest. This means that with bad credit, your interest rate is likely to be high, making the loan expensive.

• Can I get financing from my vet?

  This will depend on whether your vet has partnered with providers to offer payment plans. The most common financing options provided by vets include VetPay, which charges interest and puts you on a payment plan, and buy now pay later services like Zip or Afterpay. The latter is an interest-free payment plan with short loan terms.

Written by

Richard Fairbairn

Assistant publisher

Richard Fairbairn is Finder’s associate publisher for personal loans. He has been helping people make better financial decisions for over five years. Away from his desk, Richard enjoys all things musical and camping, preferably both at once. See full bio