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If your pet is in good health, the last thing you’d expect would be to spend thousands of dollars on veterinary care. 

But you might have no other choice if your furry friend was hit by a car or suffered some other emergency. If this happens, you might need a veterinary loan to pay your vet bills.

What are veterinary loans?

Some lenders provide veterinary loans, which are specialised personal loans used to pay for veterinary bills. You can also use general personal loans to pay vet bills or other pet-related costs.

People sometimes have to use veterinary financing if their pet is rushed to the vet for an emergency, and then get hit with a hefty bill which they hadn’t budgeted for.

Who offers veterinary loans?

You can take out a loan specifically for vet bills with selected personal loan providers. The ones that tend to have specialised veterinary loans are non-bank lenders that focus on personal loans. In some cases, the lender may directly pay your vet bill for you. You would then repay this vet loan over the loan term.

Some pet owners prefer to pay the vet bill themselves after receiving the funds from the lender. For these people, a general personal loan may be a more suitable option, and can be accessible from many banks and non-bank lenders.

What should I look for in a veterinary loan?

Like all personal loans, it’s important for borrowers to compare various veterinary loans before deciding which one suits you best. There are six main ways to compare veterinary loans, or personal loans in general:

  1. Interest rate – Veterinary loans are generally more affordable if your interest rate is lower, as it determines how much you'll need to pay back on top of the original amount you borrowed. Make sure to look at the advertised rate, as well as the comparison rate, which combines the advertised rate and fees.
  2. Interest type – The type of interest you choose will affect the interest rate you’ll be charged and how much interest you pay. A variable interest rate might move up or down during the course of your loan, while a fixed interest rate will not.
  3. Loan term – You may pay lower repayments each month with a longer loan term, but your total repayments over the life of the loan are higher. On a shorter loan term, your monthly repayments will be higher but you will pay less in total interest, reducing the cost of the loan to you.
  4. Fees – Don’t forget to look at fees when comparing vet loans. Potential fees include upfront (or establishment) fees, ongoing (or monthly) fees, early exit fees, redraw fees and late payment fees. Fees can significantly alter the total cost of the loan.
  5. Security – Some vet loans will require security (or collateral), while others won’t. As a general rule, secured personal loans will have lower interest rates than unsecured personal loans, because lenders see them as carrying lower risk.
  6. Features – Some features are not available on all personal loans, but can make your loan more flexible and help you save money. Examples of features include additional repayments (which means you’re allowed to pay back your loan faster), redraw facilities (which allow you to access the money you’ve paid off ahead of schedule) and early exit (which means you can close your loan ahead of schedule).
What are the pros and cons of veterinary loans?
  • Can pay off the vet bill over a period of up to seven years
  • Less costly than using a credit card
  • Borrowers follow a regular repayment schedule, unlike credit cards
  • Interest and various fees charged over the life of the loan
  • Credit score may be damaged if you’re late with repayments or unable to repay the loan

Can people with bad credit take out veterinary loans?

People with bad credit can, in some circumstances, take out veterinary loans. As a general rule, this is how personal loan lenders treat people with good credit and bad credit:

Good credit

Bad credit

Lenders regard you as a smaller risk

Lenders regard you as a bigger risk

More lenders want to do business with you

Fewer lenders want to do business with you

Lenders take less time to assess your application

Lenders take more time to assess your application

Lenders offer you lower interest rates

Lenders offer you higher interest rates

Frequently asked questions

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Can you pay off a quick loan early?

Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.

Can I include my spouse’s income on a personal loan?

If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.

Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity. 

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

What documentation is needed for a self-employed personal loan?

Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.

While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.

How long will I have bad credit?

Most negative events that appear on a person’s credit file will stay in their credit history for up to seven years.

You may be able to improve your credit score by correcting errors in your credit report, clearing outstanding debts, and maintaining good financial habits over time.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.