Getting hit with an unexpected vet bill can be terrifying. Though pets can be like family members, you may have difficulty going through with some of your pets' medical procedures if you simply don't have the money to pay. Many vets aren't going to perform a surgery or treatment unless they are able to be paid upfront. That means you might need to get creative with your financing.
The Advantages of a Short-Term Personal Loan
A short-term personal loan is a loan taken out from a lender and deposited into your bank account within 24 hours. Some loans can be fulfilled within just a few hours. These loans usually aren't for more than a few thousand dollars, but they can be enough to pay off an unexpected vet bill. You can apply for a short-term loan online or through the phone to try to procure funding fast.
Short-term loans are different from regular personal loans because they are usually paid back within a few months. The personal loan also doesn't require a good credit score or solid financial history. Your loan will be guaranteed based on the amount of income you make, rather than your credit report. The trade off is that you may pay more in terms of interest, but you'll be able to get a loan right away.
Getting a short-term personal loan means that you can get your pet treatment fast. This is an ideal option if you feel that you can pay the loan back within the next few paydays. If you can't get your pet treatment fast, their situation may worsen. Not only may they be in discomfort or pain, but the treatment could ultimately be more expensive later on due to the waiting.
What Are the Other Options?
Short-term personal loans aren't the only available options, but there are things that distinguish them from all of the alternatives. Here are a few of the most common alternatives to a short-term personal loan, in addition to what may make them less optimal:
- Credit cards: Credit cards often have high interest rates. Even if a credit card has a low interest rate now, the interest rate could increase dramatically if you miss even a single payment. If you already have maxed out your credit cards, you also may not be able to get a new credit line for a while.
- Installment plans: Some vets will offer installment plans. This is usually only an option if you have had a lengthy relationship with the vet. This can be the best option if it's available, but it's very rarely available, especially with emergency vets. Vets are more likely to offer a medical credit line than an installment plan, discussed below.
- Medical credit lines: Medical credit lines like CareCredit have become popular ways to pay off medical debts, including veterinary costs. However, CareCredit does require that you have a decent credit score. Further, if you've already maxed out your CareCredit, you will have a hard time getting an increase with your credit score.
- Personal loans: Personal loans from banks will have lower interest rates and longer terms than a short-term personal loan. However, that usually requires that you have a very good credit score, because these loans are unsecured.
- Title loans: Title loans can be taken out against your vehicle if you own your own vehicle, but your car could be repossessed if you don't pay it back on time.
If you have excellent credit and a lengthy credit history, you may have numerous options available to you. Unfortunately, many people are not in this position.
Do you need a short-term personal loan now? Whether it's for vet bills or other expenses, you can get a short - term loan in a matter of hours by contacting an online personal lender. Fill out your application with Central Finance today.