Take care of your pet’s medical expenses without breaking the bank

Last updated on November 25th, 2021
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Adding a winged, scaly, or fury animal to your life can have them feeling like they are part of the family. But it can also be costly. When your pet falls ill or gets injured it can cost you thousands of dollars. A personal loan for these unexpected medical expenses can help you foot the vet bills. Here is how a personal loan can help you cover vet expenses without breaking the bank.

Get a low rate

When your pet suddenly falls ill, and you are pressed financially you will want to find something that will help you get your pet into the veterinarians’ office as soon as possible without costing you. There is a wide pool of personal loans that you can choose from which means that you will be able to access competitive rates. Not happy with one rate a lender is offering? You can choose from the wide range of personal loans to find a low rate that is financially affordable for you.

Be able to spread out the costs

Having a pet comes with various expenses that can pile up if you are not financially prepared. The initial costs of having a pet microchipped, vet check-ups, vaccinations and de-sexing to name a few can cost up to $1,000. If budgeted for in advance it can end up costing you $450 depending on the type of pet you have and its breed. However, if your pet needs an emergency procedure done then a vet loan can help you spread out the costs with its flexible repayment features that can be tailor-made to your cash flow.

It is perfect for emergencies

A credit card can be limiting when it comes to paying off emergency expenses because of the credit limit and high interest rate that it comes with. Applying through a bank could also come with a lot of red tape that can make matters worse. Most personal loans tend to have a 24-hour turnover time for you to access financing once you have been approved which means that you and your pet could have peace of mind the next day.

You can tailor make it to suit your finances

You and your pet are not the same as the next pet owner, so why should your financing be? Personal loans not only let you choose an amount that goes up to $50,000 to adequately cover small and large expenses, but it also gives you the option of choosing features that match your finances. Finding a finance option that allows you to choose features that are suitable for you such as choosing how often you would like to pay, how long you want the loan term to be, and being able to repay your loan amount early with no penalties is essential.

Always compare your options

Personal loans to finance your vet expenses are convenient, but if not used correctly it can end up costing you more financially. Having a budget in place before you apply for a personal loan is a wise way to make a personal loan work for you. You can get the most out of your finance option by comparing to find the one that suits you better. As much as finding a low interest rate can be great always keep in mind to look at the loans APR rate to know its true cost.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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