CHEAP VET BILL LOANS

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Veterinary loan

Now showing 1 - 20 of 20 personal loans

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Product	Advertised Rate	Comparison Rate*	Company	Monthly repayment	Upfront Fee	Features	Go to site
Secured Fixed Low Rate (Excellent Credit Rating)	9.99% Fixed	11.22%	Secured Fixed Low Rate (Excellent Credit Rating)	$968	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term) specialRate Promise: Found a cheaper personal loan? RateSetter will match it & pay $200 towards your loan. T&Cs apply. *Comparison rate is calculated based on a loan of $10,000 over 3 years.	6.89% Variable	8.89%*	Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)	$925	$299	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Tier 1 Personal Loan - Fixed Repayments (Unsecured)	From 7.50% Fixed	9.51%	Tier 1 Personal Loan - Fixed Repayments (Unsecured)	$933	3% of loan amount	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Personal Loan - Personal Loan special$100 establishment fee waiver when you have an active Orange Everyday at the time of application or request to open an Orange Everyday account	8.99% Fixed	9.13%	Personal Loan - Personal Loan	$954	$100	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Personal Loan Fixed	12.45% Fixed	13.32%	Personal Loan Fixed	$1003	$150	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Unsecured Personal Loan	Headline rate 12.69% Variable	13.56%	Unsecured Personal Loan	$1006	$150	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Unsecured Joint Personal Loan	From 8.95% Fixed	10.56%	Unsecured Joint Personal Loan	$953	$495	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
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Unsecured Personal Loan	From 13.99% Fixed	15.19%	Unsecured Personal Loan	$1025	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Unsecured Fixed Low Rate (Excellent Credit Rating)	10.99% Fixed	12.21%	Unsecured Fixed Low Rate (Excellent Credit Rating)	$982	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Secured Personal Loan	From 12.99% Fixed	14.20%	Secured Personal Loan	$1011	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Low Rate Secured Loan	4.69% Variable	7.16%	Low Rate Secured Loan	$895	$200	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Secured Variable Standard Personal Loan	12.49% Variable	13.11%	Secured Variable Standard Personal Loan	$1003	$200	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Secured Fixed Standard Personal Loan	10.99% Fixed	11.62%	Secured Fixed Standard Personal Loan	$982	$200	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Personal Loan	15.99% Variable	16.84%	Personal Loan	$1055	$150	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
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Discounted Personal Loan	7.99% Fixed	8.35%	Discounted Personal Loan	$940	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Unsecured Personal Loan	13.99% Fixed	15.78%	Unsecured Personal Loan	$1025	$250	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Secured Personal Loan Fixed 2 years	5.99% Fixed	6.63%	Secured Personal Loan Fixed 2 years	$913	$200	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Unsecured Personal Loan Fixed	Headline rate 12.69% Fixed	13.56%	Unsecured Personal Loan Fixed	$1006	$150	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Discount Personal Loan	10.89% Variable	11.15%	Discount Personal Loan	$981	$175	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details
Tier 2 SocietyOne Loan Fixed	From 10.49% Fixed	13.38%	Tier 2 SocietyOne Loan Fixed	$975	4.25% of loan amount	Redraw facility Extra repayments Fully drawn advance Secured	Go to site	More details

Include all personal loans products without View Now links

Data last updated on 9 Dec 2019

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Secured Fixed Low Rate (Excellent Credit Rating)

9.99%

Fixed

11.22%

Can apply online

Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)

specialRate Promise: Found a cheaper personal loan? RateSetter will match it & pay $200 towards your loan. T&Cs apply.

6.89%

Variable

8.89%*

Tier 1 Personal Loan - Fixed Repayments (Unsecured)

From

7.50%

Fixed

9.51%

No ongoing fees
No early exit penalty
Can apply online
Suitable for both new or used car

Personal Loan

special$100 establishment fee waiver when you have an active Orange Everyday at the time of application or request to open an Orange Everyday account

8.99%

Fixed

9.13%

Nick BendelProperty Personal Finance Writer

What are veterinary loans?

Some lenders offer veterinary loans, which are specialised personal loans that are used to pay for vet bills. Other lenders offer general personal loans, which can be used for a range of purposes – including paying vet bills.

People sometimes have to use veterinary financing if they have to suddenly rush their pet to the vet and then get hit with a large bill for which they hadn’t budgeted.

If your cat or dog is in fine health, the last thing you’d expect would be to have to spend thousands of dollars on veterinary care. But you might have no alternative if your beloved pet was hit by a car or suffered some other shock problem. In that case, you might need a veterinary loan to pay your vet bills.

Who offers veterinary loans?

Specialised veterinary loans are offered by a range of personal loan providers, which tend to be non-bank lenders that focus on personal loans. In some cases, the lender will directly pay your vet bill for you; you would then repay this vet loan over several months or years, depending on the length of the loan term.

You can also get general personal loans – which can then be used to pay vet bills – from a wide range of banks and credit unions. In this instance, the lender would probably deposit the money in your account, and you would then pay the vet bill yourself.

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How do you take out veterinary loans?

Most lenders will allow you to apply for veterinary loans over the internet. If you take out a personal loan through a bank or credit union, you might also be able to visit a branch.

To take out a veterinary loan, you will usually have to reveal:

Why you want the loan
How much you want to borrow
How long you want the loan to last
How frequently you want to make repayments
Your name
Your contact details
Your income
Your assets
Your liabilities

You will also have to provide identification. This may involve providing one or more of the following:

Passport
Driver’s licence
Medicare card

Depending on the lender, your personal loan might be approved the same day and the money might arrive in your bank account the next day. Of course, some lenders will take longer to assess veterinary loan applications. It’s also possible that your application might be rejected.

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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

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How do you compare veterinary loans?

There are six main ways to compare veterinary loans, or any other type of personal loan:

1. Interest rate

All things being equal, you’ll find borrowing for vet bills easier if your interest rate is lower rather than higher. But don’t just look at the ‘advertised rate’, which is the headline interest rate. Also look at the ‘comparison rate’, which combines the advertised rate and fees, and therefore will be a more accurate guide of the true cost of the personal loan.

2. Interest type

Do you want your interest rate to be variable or fixed? A variable interest rate might change during the course of your loan – so it might move up or down. A fixed interest rate will not change during the course of your loan. Some personal loan products allow you to choose between interest types, while others offer only one option.

3. Loan term

Another thing to consider when comparing personal loans is the length of the loan term. Stretching out a loan term means your monthly repayments are lower but your total repayments over the life of the loan are higher. For example, imagine you borrow $10,000 at 9.50 per cent. With a two-year loan term, your repayments would be $459 per month and $11,019 over the life of the loan. With a three-year loan term, your monthly repayments would fall to $320 but your total repayments would rise to $11,532.

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 whole-of-life 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 regard them as a lower risk.

6. Features

Another way to compare vet loans is to think about add-on features, such as additional repayments (which means you’re allowed to pay back your loan faster), redraw facilities (which allow you to ‘borrow back’ money you’ve paid off ahead of schedule) and early exits (which means you can close your loan ahead of schedule). Add-on features can make your loan more flexible and help you save money.

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What are the pros and cons of veterinary loans?

The biggest positive about veterinary loans is that you can provide your pet with medical care that you might otherwise not be able to afford.

When it comes to borrowing for vet bills, taking out a personal loan might be less costly than using a credit card. That’s because if you can’t pay off the vet bills during the credit card’s interest-free period, you will be hit with interest – and credit card interest is generally higher than personal loan interest.

Another reason that veterinary financing can be better with a personal loan than a credit card is that personal loan providers force you to follow a repayment schedule, whereas credit card providers don’t.

However, veterinary loans also come with negatives. The main drawback with a vet loan – or, indeed, any loan – is that you’re effectively ‘buying’ money. Building up savings is often better, because you get the money at cost price.

Another con of veterinary loans is that you run the risk of damaging your credit score if you’re late with repayments or unable to repay the loan.

Nick Bendel is RateCity’s property and personal finance editor, and covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Smart Property Investment, Elite Agent, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.

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FAQs

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If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.

For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.

For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007

Most negative events that appear on a personal’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.

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. There are nine steps you can take to improve your credit score, most of which are simple to follow.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

Even if a lender has no credit checks, they will usually still need to confirm you can afford to repay a fast loan on your income before they’ll approve your application.

If 50% or more of your income comes from Centrelink payments, you may find it more difficult to have a fast loan application approved. Consider checking with the lender before applying to confirm if they lend to people on Centrelink.

Comprehensive credit reporting may change your credit score – either positively or negatively.

Under comprehensive credit reporting, credit providers will share more information about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. For some consumers, that will lead to higher scores; for others, lower scores.

Many borrowers use quick loans to cover short-term costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics.

Before applying for a quick loan, consider whether other options are available, such as working out a payment plan or applying for an advance or extension.

The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.

There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.

When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.

Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.