Britain is renowned as a nation of animal lovers. The companionship and unconditional love of a pet bring immense joy into the lives of families and individuals. That’s why we have 38 million pets in the UK. But pet ownership comes with a huge responsibility and significant financial implications, especially if your furry friend becomes ill or gets hurt. 

The price of veterinary health care services is a major worry for many, particularly in a cost-of-living crisis. So much so that one in five pets aren’t getting veterinary treatment when they need it. According to the British Veterinary Association (BVA), vets are seeing an increasing number of pets with problems that could have been minimised or prevented with earlier medical intervention. The main reason for these delays is concern about vet treatment costs.

In this post, we’ll explore ways to finance vet bills so you’ll have peace of mind that your pet can get treatment as soon as they need it, even if you have bad credit.

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Vet Bill Financing Solutions

Vet bills invariably come as a shock whether your pet needs emergency treatment after an accident, has a short-term illness, or suffers from a chronic medical condition needing ongoing health care. Fortunately, options are available to make veterinary treatment more affordable.

Personal Loans for Vet Bills

A personal loan is one of the most common ways to spread the cost of a big expense such as a vet bill.

This type of financing is available from finance companies, banks, and building societies. You borrow the money you need to pay the vet and then repay the lender in monthly instalments over an agreed period of time, usually at a fixed rate of interest.

Personal loans are unsecured loans, so you don’t need to put up collateral. This means there’s no risk of losing a valuable asset such as your home. If you have a good credit score and a steady income, you can easily get a personal loan to cover the cost of veterinary treatment. But it’s a different story if you have bad credit.

Bad-Credit Loans for Vet Bills

If you have a poor credit rating, many lenders will regard you as too much of a risk. You may think this makes it impossible to get a personal loan to cover the cost of health care for your pet. You’d be mistaken. The solution lies in a bad-credit loan. This type of vet bill financing is offered by lenders specialising in loans for people with a less-than-ideal credit report.

Bad-credit loans are usually available online so you can get the money you need fast. They can also help improve your credit score. Making repayments on time and in full will show you’re now a responsible borrower, even if you’ve struggled financially in the past. On the downside, interest charges on bad-credit loans tend to be higher. But they won’t be anywhere near as costly as a payday loan.

Vet Practice Payment Plans

Some vet practices offer payment plans that work in a similar way to loans, allowing you to spread the cost of treatment. Many of these plans come with a time-limited interest-free period. This makes them a good option if you can’t pay back the money sooner rather than later. If you need to spread the cost over a longer period of time to lower monthly payments, a personal loan or a bad-credit loan may be a better solution.

Pet Insurance

In return for a monthly premium, pet insurance will generally take care of the cost of treatment if your pet is injured in an accident or develops an illness. However, it won’t cover preventive health care such as check-ups or vaccinations. Neither is it likely to be any help if your pet needs microchipping, deworming, or spaying or neutering.

Animal Charities

Depending on your personal and financial circumstances, you may be able to get help with vet bills – or even free veterinary treatment – from an animal charity such as the Dogs Trust or PDSA.

Vet Treatment Cost Case Study

Here is one example of a pet owner shocked to be landed with a huge vet bill.

Dave’s Parson Russell terrier Rufus developed the eye disease glaucoma around Christmas 2019. The 65-year-old paid £300 in veterinary fees for initial tests and eye drops for his dog. A week later Rufus’s eye had to be removed, at a further cost of £800.

Rufus needed a second operation in September 2022 when his other eye had to be removed because of glaucoma. The bill for this was £1,750, more than double the cost of the first procedure.

Total cost: £2,850.

Watchdog Probe into Vet Bills

The cost of veterinary treatment has risen so much that a watchdog has now stepped in. 

In September 2023, the Competition and Markets Authority (CMA) launched a review of the £2 billion veterinary services market. The probe was triggered by the financial strain facing pet owners and concerns over lack of clear information about veterinary treatment options and bills. 

The CMA will be investigating why vet bills have apparently risen faster than the rate of inflation. It will be focusing on the part played in this by the increasing number of chain-owned veterinary surgeries alongside a decrease in the number of independent vet practices.

Initial findings of the watchdog’s review are due in early 2024 and could include enforcement action under consumer regulations.

Final Thoughts

The number of pet owners in the UK has soared since the Covid-19 pandemic, with almost two-thirds of households now having a pet. As they await results of the investigation into vet bills, financial pressures will continue to be a major concern for them.

It’s stressful if your pet is poorly, and expensive vet services make the situation worse. When a pet is unwell, they often need urgent medical care, and chronic issues can get worse without treatment.

Understanding your vet bill financing options is crucial to make sure your pet gets timely treatment, even if you have bad credit.

Written with a dog owner’s passion and expertise by Jordan Gilliard. This article is made possible by Badcredit.co.uk, dedicated to supporting valuable insights into canine well-being.