Having a sick pet can be as upsetting as having an ill family member. Coping with having a sick pet can be one of the worst experiences for a pet parent.
But that feeling can get even worse if you aren’t financially prepared.
Feelings of worry, anxiety, dread, and ultimately stress can be crippling when you imagine the cost of taking your pet to the vet.
So, plan and take steps so you’ll be prepared to tackle unexpected vet bills.
Animal welfare organizations
Did you know that there are animal welfare organizations that can help you with animal medical bills?
If you don’t know of any such organizations, do a Google search for national organizations that deal with animal welfare. Alternatively, you can visit your local animal rescue center or local veterinary schools and ask for leads. These organizations can offer you a grant or a loan to help you before you sort out your finances.
Ask friends and family for help
Asking for help can be humbling; but, wouldn’t it be worth it to see your pet healthy and happy again?
Asking for a personal loan from family or friends might also be a better option than asking for a loan from the bank. This option would be great if you don’t have cash or you have a bad credit score.
Use a credit card
If you can’t pay the vet bill in cash, you can opt to put it on your credit card. That way, you can pay the cost of the services over a period.
It’s important to note the longer you take to repay your credit card, the more you might have to incur interest.
Request an installment plan
Some vets offer payment plans. Many don’t advertise that option, so you may need to ask. Most people can be embarrassed to ask for a payment option for fear; it will affect their perceived image.
But it’s essential to realize your furry friend’s health is your priority.
Most installment plans include additional interest charges, but some offer an interest-free plan.
Understand that some veterinarians will shy away from offering an installment payment plan since there is no guarantee of repayment. If you have an existing relationship with your vet, the rapport might help get a payment plan approved.
Consider getting a personal loan
When you take a personal loan, note that you will incur a fixed interest rate and you’ll have to repay the loan within a specific period in monthly installments. You’ll also be required to check whether your credit profile will allow you to be approved for a personal loan.
If you choose this option, remember that it’s another cost that you’ve added to your monthly expenses.
Bad credit loans
What if your credit score is terrible and you can’t get approved for a personal loan?
Even with a poor credit score, you still can apply through lenders that offer bad credit loans.
Find a list of lenders that offer bad credit loans with no credit check or minimum requirements at Crediful.
Such lenders can be a lifesaver when you are struggling financially, have a bad credit score, and your furry companion is sickly.
Find ways to increase your income
Whichever option you choose from all the above, you will need to increase your revenue so that you can handle the extra expense.
For example, if you put the cost on your credit card, you will need to pay for the credit card at the end of the day. If you get a loan from a bank, bad credit lender, a friend, or family you will need to pay for the loan.
All these options need you to increase your income to pay off the debt and also avoid such incidents in the future. So, consider starting a side business or take on a second or part-time job.
Bottom line, there are various options you can use to tackle unexpected vet bills. Do not hesitate to ask for help for the benefit of your pet and if you decide to go for a loan, be aware of all the repayment terms.
In the meantime, it is imperative to prepare for unexpected vet bills by purchasing pet insurance. The relatively small premium you’d have to pay monthly would be worth it if your pet is injured or gets sick.
Alternatively, set up an emergency fund. By setting money aside, you can offset those bills without hurting your finances or incurring costs that add to your monthly expenses.