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With vet bills soaring – more and more people are asking for pet loans


Do you love your pet like a member of your family? Most people do, and consequently when a pet falls ill or needs an operation over 90% of people are prepared to pay whatever it costs to save their pet’s life.

In the past 2 years there have been major technological developments, medical advances and more treatment options available to Vets, which has consequently meant vet bills have increased a staggering 500%.

So what are your options if you have a beloved pet? Basically there are 3, which are:

 1. Have a pet savings account

If you are an organised person who is great with money, one thing you can do is to have a savings account dedicated to your pet.

This account will hopefully grow to a reasonable size to assist you in the event of an expensive vet bill. Sadly, some bills can run into the tens of thousand dollars, which in this case, you may still end up with a shortfall.

 2. Take out pet insurance

Pet Insurance is a rapidly growing form of insurance, and operates just like human health insurance. You pay an annual premium, and in the event your pet is sick or injured, you can claim the costs.

To give you a ballpark figure, to insure a cat will set you back around the $450 per year mark, and a dog from around $620. This doesn’t take into account “high risk” pets, such as bulldogs and certain luxury breeds.

As with any type of insurance, you must understand what you are and are not covered for. You don’t have to look far to find stories of people who have pet insurance but are devastated when the injury that is sustained by their pet is classed as an “exclusion” and therefore is not covered.

If you do decide to take out Pet Insurance, here are three important tips we think you should be aware of:

  • Take your pet to a vet for a check-up before taking out insurance. This helps avoids complications if you make a claim.
  • Once your pet turns nine, no new insurer will provide cover. Before age nine, any previous illness becomes excluded as a pre-existing condition unless you have it waived by a vet.
  • Pet insurance will not cover your pet for illnesses that can be avoided by vaccination, so have these up to date.

 3. Take out a loan when you have a large vet bill

When options 1 and 2 are not suitable, then the last option you have is to just wait until you are hit with a large vet bill (let’s hope it never happens) and then be faced with finding someone who can lend you the money.

At Fair Go Finance we have provided a large number of personal loans to people who have needed to pay a substantial vet bill. We can also provide smaller loans from $500, so if the idea of Pet Insurance appeals to you but you don’t have the money to pay for it, we can also help you out with a pet loan.

So if you have a member of your family that is in the form of a “pet”, please make sure you have given some thought to what your financial plan is, in the unwanted event of an accident or illness.

Unfortunately animal welfare groups say one in three pets will need urgent veterinary care each year, with the average claim more than $1,000.

Bills exceeding $10,000 aren’t uncommon. Therefore the reality is that during the lifetime of your beloved pet, you will be faced with some hard emotional and financial decisions.

As hard as it is to do, put yourself in that hypothetical situation now, and prepare your pet’s financial plan now. At Fair Go Finance we care for all creatures great and small and hope this information has given you some food for thought.

Are you eligible to apply?

  • I’m 18 years or older
  • I’m employed (not self-employed)
  • I’m paid $500 or more a week into my bank account
  • My income is not solely from Centrelink
  • I’ve not entered into bankruptcy or part 9 agreement within the last 12 months


It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.