The joy our furry and feathered friends add to our lives is priceless. But pet ownership does come at a cost. From basics like adoption fees and food to expensive emergency veterinary care, the expenses associated with being a pet parent can be steep.
Pet loans are one way to pay for the expenses of having a pet. Read on to learn more about them as well as alternatives.
Table of Contents
Key Points
• Pet loans are personal loans used to cover pet-related expenses, including purchase, health care, and surgery.
• Costs of pet ownership vary, including adoption fees, vet visits, and supplies.
• Pet loans can finance expensive procedures like surgeries and emergency medical care.
• Alternatives include pet insurance, veterinary payment plans, and low-cost clinics.
• A credit score of at least 580 to 670 is typically required to secure pet loans.
What Is Pet Financing?
Pet financing refers to taking out a personal loan to pay for the cost of getting and/or owning a pet. While some banks may market the loans specifically as pet loans, they work the same way as standard personal loans.
A personal loan is unsecured debt, which means the bank doesn’t have any collateral to turn to in the event the loan is not repaid. This means that personal loans, including pet loans, may have stricter eligibility requirements and higher interest rates.
Cost of Owning a Pet
While the specifics will depend on what kind of pet you own — a fish costs a lot less to feed and care for than a Great Dane — all types of pet ownership come with some costs. Here are some of the common expenses you may encounter:
• Purchase or adoption fees, which can vary significantly. Buying a purebred puppy could cost thousands of dollars, while an adoption fee might be a nominal $25 for a cat at the shelter.
• Regular veterinary check-ups and vaccines, which pets need in order to stay as healthy as possible (and, in the case of the rabies vaccines in some U.S. states, comply with local laws)
• Food, which can run the gamut from cheap kibble to expensive raw or fresh foods
• Supplies you need to keep your pet safe and happy, like food and water dishes, beds, crates, litter boxes and litter, collars and leashes, or treats.
• Veterinary care or medical procedures that may cost far more than regular upkeep, like dental work or surgery to repair a broken bone
What Can I Use a Pet Loan For?
Because a pet loan is basically just a personal loan, you can use the money for pretty much anything you want. (If the bank you’re borrowing from is offering what it calls a pet loan specifically, it’s wise to check that there are no rules or restrictions around what the money can be used for.)
Here are some of the most common ways you might use the funds from a pet loan.
Pet Purchase Financing
If you’re purchasing a pricy purebred or if the setup phase of pet ownership comes at a steep cost (i.e., if you’re getting into saltwater fish tanks), you might want to use the money from your pet loan to fund the purchase or adoption of your pet.
Pet ownership tends to be more expensive in the first year or so than in subsequent years, since new pets may often need to be spayed or neutered or have their first rounds of puppy or kitten shots. Using a pet loan to get into pet ownership may make sense if you know you’ll have the money to pay back the loan and afford continued care throughout the pet’s life.
Pet Health Care Financing
Just as with humans, health-care related costs for pets can be high. The average cost of a routine vet visit can be a couple of hundred dollars as of 2025, and emergency care can top $1,000.
That may not sound like much. But alongside other major expenses, like food, it can cost a couple of thousand dollars per year to care for your companion, according to Reader’s Digest. That can lead some pet owners to take out a pet loan.
Pet Surgery Financing
We all hope our four-legged friends never need major medical care, but when they do, it can be just as worrisome for our wallets as our hearts. For instance, even a routine surgery like a spay can cost between $200 and $700 at a private veterinary practice. And if your dog needs a dental cleaning — which may be done under anesthesia— the cost may reach $300 to $1,500 or higher.
So using a pet loan to pay for a pet’s surgery can make a lot of sense, though there are still other alternatives to consider (more on those below).
Pet Care Financing
If you own a dog or cat, you may sometimes need to leave your pet behind when you travel. This kind of pet care can be expensive, particularly if you’re paying for overnight pet-sitting for several days in a row.
Whether you’re boarding your kitty or pup or enlisting the help of a professional pet sitter, you might spend up to $150 per night or more. This adds up quickly and might be another reason to take out a pet loan.
Pet Store Financing
For pet owners, a trip to the pet store can feel like being a kid in the candy shop. There are all kinds of beds, crates, play pens, gates, clothes, and other items beckoning. You could use a pet loan to purchase supplies from the pet store, such as feeding dishes, bedding, treats, and toys. (If you’re hoping to finance your own pet store, on the other hand, you’d probably want to look into a business loan.)
Can I Get Pet Financing With Bad Credit?
Like any type of financing, the better your credit, the easier it is to get a pet loan — especially since, again, it’s an unsecured form of debt and therefore riskier for the bank.
While many factors about your financial situation will be assessed, like your income, other current debts, and job stability, you’ll likely need a credit score from 580 to 670 in order to qualify. And some banks may have a higher minimum credit score than that.
Reasons to Take Out a Pet Loan
From a financial stability perspective, it may be a good idea to avoid going into debt to take care of your pet, though in some cases, a pet loan may be the best option.
For example, if you need to take out a loan to afford a pet at all, it might be worth waiting until you’re in a stronger financial state before getting into pet ownership.
But if you already have a pet and are facing unexpected medical costs, taking out a pet loan may make more financial sense than, say, going into credit card debt for your animal’s treatment. Still, a personal loan can impact your overall financial situation in a multitude of ways, so it’s worth considering all your options before making a plan.
Recommended: Is There a Minimum Score to Get a Personal Loan
Alternatives to Pet Loans
If you’re considering taking out a pet loan, here are some alternatives to put on the table before you sign the paperwork.
• Pet insurance can help lower the overall cost of veterinary care from the start. However, like human insurance, you may need to be careful to work with a vet who’s in-network in order to glean any savings.
• A veterinary payment plan may be available at your local clinic and may even offer 0%-interest options based on your financial need. If you work with a private veterinary clinic, it’s worth asking if they have payment plans available, even if they don’t advertise them.
• Veterinary schools and low-cost clinics may offer the same care at a lower cost, whether to help new veterinarians with their training or simply to provide options for lower-income pet owners in the community.
• Savings can be a good option if you have an ample emergency cushion saved up and may allow you to avoid going into debt. However, if your pet loan is at a low enough interest rate and you’re still working on building up an emergency savings fund, you might not want to break into it for Fido.
Recommended: Debt Consolidation Loans
The Takeaway
A pet loan can help you finance some of the costs of pet ownership. But keep in mind it’s still a form of debt, so it’s worth carefully considering alternative options before you sign up.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
FAQ
Can I take out a loan for a dog?
If your credit history is strong enough, you may be able to take out a pet loan — a type of personal loan — to pay for the cost of adopting or purchasing a dog, or any of the costs associated with their care thereafter. However, if you can’t afford to own a dog out of pocket, you’ll want to think carefully about whether or not it’s a smart financial move.
What credit score do you need for pet financing?
While each bank has its own specific requirements around minimum credit scores, for most personal loans, including pet loans you won’t be able to qualify without a score between 580 and 670. (Of course, your credit score isn’t the only thing that matters. The bank will also look at your income, existing debts, job stability, and more.)
What do you do if you can’t afford to keep your pet?
There are many options available to those who’ve found they can’t afford to keep their pets. While turning your pet over to a humane shelter or otherwise rehoming them with a trustworthy family is one way to go, you may also be able to lower the cost of pet care by visiting low-cost veterinary clinics or taking out a pet loan.
Photo credit: iStock/AleksandarNakic
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOPL-Q425-046