Pet Financing: Should You Get a Pet Loan?

Owning a pet can be expensive, so it’s important to set aside funds for your pet’s needs, from everyday expenses to unexpected medical costs. This is especially true if you have or are looking for a service, therapy or emotional support animal because they often need specific training.

If you don’t have pet insurance, or just need additional financial assistance, veterinary financing options — like pet or vet loans — can help. There are also pet surgery financing options or pet loans for bad credit to help you cover the cost of treatment.

Pet cost statistics

• According to the American Veterinary Medical Association, dogs are the most popular pets in America — approximately 45 percent of households own a dog.
• Yearly costs for pets, especially dogs, vary based on size and breed. For example, data from the ASPCA found that small dogs cost around $43 a month, while large dogs cost an average of $87 monthly — totaling $500 to $1,000 annually.
• The ASPCA also found that the average cost of owning a cat is $53 a month, or just over $600 per year.
• A trip to the veterinary emergency room can cost you anywhere from $100 to upwards of $10,000, depending on the severity of the condition and the necessary treatment.

What is a pet loan?

A pet loan is a personal loan that can cover pet-related expenses, from vet bills to adoption or everyday costs like food and medication. Each lender has unique eligibility standards, loan terms, rates and fees. Compare lenders and shop around for low rates before taking out a loan to ensure you get a competitive offer.

Common pet loan details

• Range from $1,000 to $50,000
• Repayment terms of one to seven years
• Interest rates range from 7 percent to 36 percent and depend on your income, debt and credit score

Reasons to take out a pet loan

Because vet bills can add up quickly, you should ideally have an emergency fund for unexpected pet-related costs (or other emergency needs). However, only 41% of U.S. adults would pay for an emergency expense of $1,000 or more out of their savings, according to Bankrate’s 2025 Annual Emergency Savings Report.

If you’re like most Americans, an unexpected medical expense can drain your savings. While a personal loan shouldn’t be your first option, it can protect the rest of your budget from a large, immediate cost.

Surgery or major treatments

Costs can be astronomical if your pet needs surgery or ongoing treatments. For example, dog intestinal blockage surgery can cost up to $7,000. Most vets require a down payment (or sometimes, the full cost) to be paid before starting treatment. While some may offer financing options, they could be point-of-sale loans with astronomically high interest rates or branded credit cards, both of which can be difficult to afford.

Depending on your credit score, a pet loan may have much lower rates than in-house financing options. Because of this, it’s best to research before you get your new pet to ensure you have an affordable financing option for emergencies.

Service, therapy and emotional support animals

According to the National Service Animal Registry (NSAR), the average cost of a service dog can range from $15,000 to $30,000. This doesn’t account for everyday expenses like food, accessories and veterinary care, which average close to $2,500 per year, according to the American Kennel Club.

Emotional support animals don’t have any official certification programs. They cost far less than a service animal and don’t need to pass any specific training requirements. And because you can register any domesticated animal as an emotional support or therapy animal, there is no overall average cost for these pets. Still, you will need to pay to visit a doctor or licensed therapist who can attest to your need for an emotional support animal, along with the normal costs of caring for a pet.

How to apply for a pet loan

Getting a pet loan is like getting a traditional personal loan. While every lender’s application process will differ, there are a few steps you can take to increase your eligibility odds.

1. Shop around: After checking your credit score and debt-to-income (DTI) ratio, look through multiple lenders’ minimum eligibility requirements. Pick three or more lenders that meet your needs and have attainable eligibility requirements.
2. Prequalify and compare: A personal loan calculator can help you estimate your potential interest rate and total cost of borrowing. Many lenders offer prequalification, which won’t impact your credit score and will give you an idea of your eligibility and potential interest rate. Use your prequalified offers to find the most affordable loan.
3. Apply: When you’ve found the right lender, submit a formal loan application. This process will require a hard credit inquiry, which can temporarily ding your credit score. Some lenders offer same-day loan decisions, while others may take a few business days to review your file.
4. Accept the loan terms: If you’re approved, read the contract carefully before signing. Be sure you understand your repayment obligations. Loan funds are typically deposited into your bank account within a few business days, but some lenders provide same-day funding.

Pet loans for bad credit

Personal loans for bad credit can be used to cover pet and vet costs — but rates and fees can be high. If you’ve had some credit mishaps along the way, you can expect rates as high as 36 percent, making borrowing expensive. Before agreeing to a bad credit loan, explore alternatives like in-house financing or credit cards.

Pet loan alternatives

If you need help financing your pet’s medical bills or want to purchase a service or emotional support animal, a pet loan isn’t your only option. There are several alternatives to a personal loan.

• Payment plan: Your vet may be willing to negotiate a payment plan to help you manage a large bill by breaking it into installments. However, not all vets offer this option, so ask about financing before beginning treatment.
• Credit cards: This option allows you to pay for the high costs of vet bills or service dog training over time. However, the average credit card interest rate is about 20.09 percent, much higher than the average personal loan rate of 12.36 percent. If you put your vet bill on a credit card, pay down the balance as quickly as possible to avoid compounding interest.
• Nonprofit assistance: Many nonprofit organizations work to provide service animals to people in need. Some entities offer grants or low-interest loans to help pet owners finance their pet’s medical treatment. You can also explore free vaccination clinics in your area.
• Pet insurance: Pet insurance covers all or a portion of veterinary expenses, from procedures resulting from accidents or illness to general wellness bills. Prices and coverage vary by insurance provider.
• Vet schools or low-cost vet options: Vet schools often have affordable clinics that allow students to practice, so your pet can get the treatment it needs at a fraction of the cost quoted by traditional clinics.

Bottom line

If your pet needs a veterinary procedure or you need a service dog or emotional support animal, a pet loan can be a useful way to cover the expense at an affordable rate.

However, a pet loan is still an additional debt that impacts your finances and can jeopardize your credit if you don’t stay on top of monthly payments. To best protect your financial health, research and compare multiple lenders to find the most competitive rate and terms before applying for a pet loan.