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Best Pet Loans of 2021
Man’s best friend and all other furry, scaly and feathery creatures we keep for companions can be expensive, but worth it. Whether you’re looking for pet loans to buy a new pet, financing to cover animal medical bills, loans for dogs or puppy financing with poor credit, lenders are out there ready and willing to help. As long as you have a steady income and an active checking account, you should be able to secure the money you need fast to cover your pet-related costs from top lenders with great pet loans reviews. Using our proprietary SimpleScore method, we reviewed the best pet loan providers by comparing interest rates, loan amounts, customer satisfaction and fees for major lenders.
- OneMain Financial
APR Range18%–35.99%Loan Amount$1,500–$20KTerm2–5 yearsOffer Details
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
- LightStream
APR Range3.99% – 19.99% w/AutopayLoan Amount$5K–$100KTerm24–84 monthsOffer Details
Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66
© 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
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The 5 best pet loans of 2021
- Best for 0% Intro APR: LendingUSA
- Best for Direct Bill Payments: ScratchPay
- Best for Emergencies: OneMain Financial
- Best for Good Credit: LightStream
- Best for Existing Customers: Wells Fargo
The best pet loans at a glance
| Provider | APR | Loan Amount | Terms | SimpleScore |
|---|---|---|---|---|
| LendingUSA | Not Listed | $1,000–$35,000 | Not listed | 4/5 |
| ScratchPay’s Take 5 | Starts at 0% | 100% of vet bill | Up to 24 months | 4/5 |
| OneMain Financial | 18.00%–35.99% | $1,500–$20,000 | 24–60 months | 3/5 |
| LightStream | 3.99%–19.99% with Autopay | $5,000–$100,000 | 24–84 months | 4.8/5 |
| Wells Fargo | 5.74%–19.99% | $3,000–$100,000 | 12–84 months | 4/5 |
*Rates accurate as of January 2022
Best for 0% intro APR – Lending USA
You won’t find 0% financing for six months on most personal or pet loans, so LendingUSA has a leg up on the competition.
LendingUSA has higher APR rates on loans, but the company offers a promotion of 0% interest if your loan is paid off within the first six months.
LendingUSA offers pet financing to cover anything and everything you could need for your little friend. Loans are available up to $35,000 and start as low as $1,000. While the overall APR rates are higher than many other lenders, there’s a diamond hidden in the rough. If you pay off your loan within the first six months in full, you’ll be charged 0% interest. If you have a short-term financing need for your pet, this is an ideal solution. What’s also great about LendingUSA is preapproval happens in seconds, and the application takes just minutes.
Best for direct bill payments – ScratchPay’s Take 5
When your furry friend needs vet assistance, don’t worry about the bill — ScratchPay will let you pay it back over five payments so you can focus on your pet’s health.
ScratchPay’s unique system for covering vet bills can help you spread out costs with no hidden fees, deferred interest or prepayment penalties
ScratchPay operates quite differently than the other pet loan lenders. Instead of getting a lump sum of money to use how you see fit, ScratchPay provides funding directly to the provider to cover the costs of specific services or vet visits. Repayment is broken down into three different plans — Pay Later, Take 5 or Pay Over Time.
Take 5 is the most convenient plan that ScratchPay offers — simply pay 20% of the vet bill and then the rest will be broken up into bi-weekly payments with no interest charged, as long as you pay on time. Even if pet insurance or the vet clinic adjusts the amount you owe, ScratchPay will then adjust the remainder of your payments accordingly.
Best for emergencies – OneMain Financial
When time is critical, and your pet’s health and safety are on the line, OneMain Financial may be the lending partner you’re looking for.
When you need financing for pet needs in a pinch, OneMain Financial can deliver up to $20,000 with quick approval decisions and money the same day.
If you need emergency pet funds fast, OneMain Financial should be toward the top of your list. When you get approval by noon, you can get your cash the same day. When you’ve got a sick pet or are in a serious bind, this can really help out. Prequalification is available online to give you a quick idea of what you can get approval for. An additional perk about OneMain Financial is the company not only does business online but has over 1,500 branch locations where you can walk in and out with cash in one visit.
Best for good credit – LightStream
When a company vows to beat any other company’s rates, it gets our attention. When you couple that with flexible payment terms and a trusted name to back things up, you’ve got our tails wagging.
LightStream offers pet loans as well as specialized horse financing with the best industry rates and funding available the same day.
LightStream has more tricks than just sit, stay and lend. The company offers a really incredible rate beat guarantee where it vows to beat any company’s rate by 0.10%, as long as someone with a similar credit profile as you can get that loan easily. What does this mean? It means that no matter how low another comparable company’s rate is, LightStream can fetch a better rate. Additionally, LightStream offers horse ownership loans at the same impressive rates and with the same guarantee. Loans can be used to purchase the horse and/or horse equipment.
Best for existing customers – Wells Fargo
Turns out you can teach an old dog new tricks. If you’re already a customer with the long-standing bank, Wells Fargo, the added perks you may qualify for are an added treat.
Wells Fargo is a big-box banking solution offering personal loans for pets (and other needs) up to $100,000 with some of the best APR rates in the business.
While online banks tend to offer better rates on most lending products, Wells Fargo has a thing to say about that when it comes to pet loans and personal loans. The bank offers pet loans with APRs from 5.74%–19.99% for amounts anywhere from $3,000 to $100,000. When you add the 0.25% autopay discount onto this, the rate gets better. All personal loans from Wells Fargo come with no origination fee and no prepayment penalty. In most cases, you can get the pet financing you need by the next business day. If you are already a Wells Fargo customer, you can get that money lightning quick to your checking account, and you may qualify for special relationship discounts.
What is a pet loan?
A pet loan is a personal loan that provides funding to individuals who want to purchase a pet, cover emergency medical costs, pay vet bills or handle any other miscellaneous pet-related expenses that may come up. Generally, these loans are unsecured personal loans that do not require any collateral. Pet loans are paid back on a fixed and scheduled basis. The cost of your loan is made up of an interest charge (a percentage of the total loan) and any applicable fees the lender chooses to charge.
[Related: Quick Personal Loans: Best Fast Cash Lenders]
How pet loans work
Pet loans work much like any other form of personal loan. In exchange for quick access to funds, you agree to pay the money back with a little extra in fees and interest as the cost of borrowing. After applying and accepting your pet financing loan, the money is transferred into your checking account. From there, you can take the cash and use it as you need for your new or existing pet.
Vet bills
Even if you have pet insurance, your deductible may be expensive, or it may not cover all of the costs. If you don’t have pet insurance, unexpected medical needs can be expensive, while companies drag feet about paying you back. Pet loans can help to cover vet bills for routine procedures, elective treatments and emergency medical needs.
Buying a pet
Getting a loan for a pet purchase can help you overcome the steep, one-time financial costs of buying a pet. Depending on the type of pet and breed you choose, the price tag can be high. Secure your personal pet loan and have the money transferred into your account within hours or days to fund the purchase.
APR vs. interest
It’s important you understand the difference between APR and interest when assessing the cost of your pet loans. Both terms refer to the cost of your loan, but one is a more accurate depiction. Interest refers to the added percentage cost of your borrowing. While this number is important, it fails to include the costs of any annual fees you might incur. Your APR (annual percentage rate) takes care of this. APR includes the cost of your interest and any fees and gives you the most accurate look at the cost of your loan every year.
[Read: APR vs. Interest Rates]
How to choose the best pet loan for you
- Determine your financial needs for your pet. Whether it’s puppy loans, purchase loans, medical needs or any other pet-related costs, it’s important you dial in exactly how much you need. Additionally, ensure you are in the financial position to cover the costs of the loan all the way until it is paid off.
- Choose a lender by using the preapproval process. With your financial needs figured out, start shopping the available lenders to see which companies meet your criteria. If you’re looking for pet loans for bad credit, you may need to shop a bit harder to find a lender that works for you (but they do exist). Use the preapproval options to get a ballpark of what you can be approved for with each lender.
- Accept the terms of your loan. When you find the right lender, complete the application process. When you are approved, accept your loan terms and wait for your funding. Generally, funding shows up within a few hours or a few days, depending on the pet lender you choose.
Pet loan FAQs
Just paying to get a pet can be expensive, but the costs don’t stop there. You will find yourself having to pay for food, toys, medicine, vet bills and sometimes unexpected medical expenses. You can use a pet cost calculator to get a better idea of what you may be signing up for.
The amount you pay on your pet loans depends on your credit score, past payment history, how much you borrow and what your lender is willing to offer you. The better your credit profile and past borrowing behaviors, the less expensive your dog financing will be.
Most pet loans will be unsecured. You will not need to put up any collateral like your house or car (or your pet) in order to get your loan. While this may result in slightly higher interest rates, it does protect you from losing anything valuable in case you default on the loan.
Too long, didn’t read?
Pets can be expensive, but the joy and love they bring are often well worth it. If you need help covering the costs of buying a pet or handling planned and emergency needs, lenders exist to help you get a pet loan to cover those costs.
We welcome your feedback on this article and would love to hear about your experience with the pet loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
Keep Reading
Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).
Questions about our methodology?
Email Hayley Armstrong at hayley@thesimpledollar.com.
Rates
We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.
Loan Size
We awarded higher scores to lenders with more generous loan sizes.
Customer Satisfaction
We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Support
We awarded higher scores to lenders with the most channels for customer support.
Fees
We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.
Reviewed by
Courtney Mihocik
Loans EditorCourtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.
