It’s a battle between Scratchpay vs Carecredit when it comes to choosing a veterinary financing plan. A financing plan for your lovely pets is something that every pet owner has to deal with. But the question is, what’s the best in this industry?
This will surely blow away non-pet owners and those planning to have a pet.
According to the American Pet Products Association (APPA), the “leading not-for-profit trade association serving the interests of pet product manufacturers and importers,” in 2019, there is an estimated $75.38 billion pet industry expenditures in the United States. That’s a little higher compared to the actual money spent on pets back in 2018, which cost $72.56 billion.
We know what you are thinking, caring for a pet these days have become really expensive. But, some of us just cannot resist having one. They are just too cute to not mind having one at all.
Pet owners will surely agree if we say that being a pet parent is one of the most rewarding experiences ever. Apart from being able to share a home with an amazing pet, you also get to take advantage of the unconditional love every day that only our loving pets can give.
But contrary to what other people believe or know, being a pet parent can be expensive.
Just like human babies, pets do have routine and emergency veterinary costs, plus the need for toys and premium pet food to ensure that your pet baby is healthy, happy, and contented.
To give you an idea, especially for those planning to care for a pet, a single emergency visit to a vet can cost the pet parent a whopping $2,500 or even higher depend on the pet’s case. Let’s face it, $2,500 is no easy money, and a lot of pet parents out there could hardly provide such amount.
Enter veterinary financial plans — the answer to every pet owner’s worry.
Thank goodness to companies providing veterinary financial plans, today, pet parents will no longer have to worry about not having enough money to be able to pay for their pet’s needs. With veterinary financial plans, you can bring your pets to the vet and have the treatment now, and just pay the needed amount later on.
Good thing really that companies like Scratchpay and CareCredit exist. They are there to extend help when you need it most for your beloved pet’s sake. Both companies help you by providing the money you need to ensure your lovely pets get whatever they need to ensure they are in good health.
But just like anything, when you are presented with two fantastic options, the question would always be, which is better than the other? Thus, the battle between Scratchpay vs CareCredit.
So, to help you out, today, we are going to specifically answer some of the most common questions asked by pet owners when it comes to veterinary financial plans. These questions include:
- What is veterinary financing?
- What is the benefit of veterinary financing for pet owners?
- Who is veterinary financing for? Is it for everyone?
In addition, we are going to particularly tackle the following important information about the two companies to give us a broader view of what they are, and hopefully, decide which one to pick.
- Scratchpay vs CareCredit: Brief Company Background
- Scratchpay vs CareCredit: Brief Comparison
- Scratchpay vs CareCredit: Where Are They Accepted
- Scratchpay vs CareCredit: Procedures Covered
- Scratchpay vs CareCredit: How To Apply and Get Approved
WHAT IS VETERINARY FINANCING?
Veterinary procedures are necessary, however, they sometimes come unexpectedly. As a result, some pet owners, especially the ones who are not ready for it, may have difficulty in covering the bill (which can be quite expensive) in a one-time payment.
It is during this time that veterinary financing becomes a sigh of relief. Veterinary financing basically refers to a new type of lending that is offered by some veterinary clinics, as well as pet hospitals. This was made to help pet owners deal with large veterinary bills.
Although pet insurance exists, unfortunately, during emergency cases or chronic illness of your pet, insurance usually covers some veterinary costs only and then leave you with a high deductible or the bills that go more than their maximum pay-outs.
Technically speaking, pet care financing or veterinary financing refers to a new type of loan. It functions a lot like the usual line of credit or credit card, which means, everything that is within your credit limit is immediately covered sans the paperwork – sparing the pet owner from worries and hassles. At the same time, ensuring that the pet gets what it needs.
Just like any other typical credit cards, veterinary financing programs have different rates of interest as well as loan terms depending on the pet owner’s eligibility. Pet owners can apply online, and in just a few minutes, your application is granted. When it comes to managing your account, it’s pretty much the same as any other monthly bill. Thanks to electronic payments and statements, life is made easier.
WHAT IS THE BENEFIT OF VETERINARY FINANCING FOR PET OWNERS?
Apart from the pet benefitting from veterinary financing programs or plans because their health condition is no longer restricted, animal owners or pet owners benefit from it, too.
Here are some reasons why:
- Pet owners are able to pay for any pet emergency services, as well as other vital procedures that their pets need to undergo to keep them alive and healthy.
- Most veterinary financing plans have fixed, low monthly payments for almost any budget
- They get to experience fast, and friendly customer service from veterinary financing companies that makes repayment stress-free.
- Your pet’s health is maintained and improved.
WHO IS VETERINARY FINANCING FOR? IS IT FOR EVERYONE?
So, with all that’s been said, does that mean every pet owner has to have at least one of these credit options on hand for emergency purposes? Well, the answer is no, not really, because:
Firstly, veterinary financing plans or products were designed to come to you (pet owner) as soon as you need it when you encounter a pet emergency, which means, you can get the money you need for a procedure quickly. Application ahead of time is not necessary. It’s more like it automatically comes as the need arises.
Secondly, whether it be Scratchpay or CareCredit, both shut down an account within 30 days without use. This basically means the pet owner can’t have an unused loan with one of them just around in case of a veterinary emergency.
Lastly, most likely, you may already have an existing credit card, which you can easily use when there’s a need. Adding another credit product with potentially higher interest that your credit card may not be a good idea at all.
If you come to think about it, veterinary financing is only ideal for pet owners who do not have a credit card or say they’ve already used it up when the emergency happens.
Having said all that, by now you probably know already or have understood already what veterinary financing is all about, and if it is for you. Thus, let’s move on to the real deal – battling out Scratchpay vs CareCredit – to know which company is better when it comes to their veterinary financing programs or plans.
SCRATCHPAY VS CARECREDIT: BRIEF COMPANY BACKGROUND
Now, before anything else, it’s just right that we get to know what Scratchpay and CareCredit are all about first.
Here it goes –
Scratchpay was launched back in 2016. It was actually created as an alternative to CareCredit.
By using Scratchpay, instead of having an actual card that you can use whenever you need it, you will have to apply for a loan instead every time you need extra money to pay for emergency veterinary expenses.
Once the loan is approved, the amount is immediately paid to the veterinarian’s office. Now, if for instance, something happens along the way, and you need to apply for another loan, you can always do so. Scratchpay allows you to have multiple accounts all at the same time.
By the way, with regards to approval of a loan, there really is nothing to worry as Scratchpay easily approves loan applications, and they do it quickly.
For your reference, here is a few more essential information about Scratchplay:
- They cover all kinds of animals.
- Pet owners can quickly check and apply for a credit plan using your smartphone of a desktop computer.
- Scratchplay only works with certain veterinarians, thus, pet owners have to ensure they are dealing with an accredited one to ensure they get to avail a loan at Scratchpay. To check, just head on to their website.
- Interest rates vary from one person to another. Rates will be based on the pet owner’s entirely personal and financial profile.
- Once the loan is approved, you can check your rate, and choose a payment plan that works best for you.
- Scratchpay offers an automatic payment option on a monthly basis. Paying it off earlier can also be done without paying prepayment penalties.
- Scratchpay has an excellent record when it comes to providing easy approvals to pet owners who need cash.
- The company is very transparent should there be interest changes in any loan there is.
CareCredit works pretty much the same as any other credit card out there. You basically are able to use it every time there is a need or a health concern regarding your pet. You can use it wherever it is accepted but within a certain limit just like the usual credit card.
For your reference, here is additional information about CareCredit:
- CareCredit cards are widely accepted in almost all pet clinics and hospitals across the country. But to be sure, make sure to call the pet clinic first.
- The card can cover both routines as well as emergency medical checkups for your pets no matter how young or old they may be.
- CareCredit allows you to use the card up to the approved amount.
- With CareCredit, pet owners are enabled to budget easily the credited amount, which means less stress and financial difficulties.
- CareCredit card is popular and is accepted throughout a national network, which covers over 200,000 retailers, as well as healthcare providers.
- CareCredit provides you with a comprehensive list of average costs for different veterinarian treatments for you to have better understanding of the possible cost and/or expenses for your pet.
If you want to know more about CareCredit, here’s an informative review from ProudMoney – Credit Cards & Personal Finance. Click the play button to watch it out.
SCRATCHPAY VS CARECREDIT: BRIEF COMPARISON
Now it’s time to compare these two leading veterinary financing companies in terms of ease of use, how easy to avail, borrowing terms, products, customer reviews and other important details that you should know about to be able to choose the one that fits your needs (rather future pet emergency needs).
|Items for Comparison||Scratchpay||CareCredit|
|Format||Installment loan||Credit Card|
|Recommended Minimum Credit score to apply||600-700, also based on income||623|
|Minimum lending amount||$35||$200|
|Maximum lending amount||$10,000||$25,000|
|Lowest available Interest Rate||0%||0%|
|Acceptance at Clinics and Hospitals||Good||Excellent|
|All species of pets eligible||Yes||Yes|
|All veterinary procedures eligible||Yes||Yes|
|Prescriptions eligible||Only from Vet||Yes, from anywhere|
|Pet only||Yes||Human procedures too!|
|Easy to Apply||Very Easy||Easy|
|Have to talk to a sales person||No Need||Optional|
|Easy to manage account||Yes||Yes|
SCRATCHPAY VS CARECREDIT: WHERE ARE THEY ACCEPTED
As mentioned earlier, both Scratchpay and CareCredit are well-known and widely accepted in most healthcare providers and retailers. However, to be sure, pet owners are encouraged to either check their pet’s healthcare providers directly or check online via Scratcpay and CareCredit websites for the complete list.
SCRATCHPAY VS CARECREDIT: PROCEDURES COVERED
As we have mentioned, Scratchpay and CareCredit cover both routine and emergency pet care. This includes emergency procedures that need to be done on your pet, chronic illnesses, prescriptions, dental work, as well as (sorry to say this) cremation when the pet dies.
For both Scratchpay and CareCredit, routine care includes things such as:
- Annual check-ups
- Food and nutrition
- Teeth cleanings
Note though that with CareCredit you have the additional benefit of being able to use the money or the loaned amount for you or your family’s medical or dental needs, as well as purchases for medical supplies. Scratchplay, meanwhile, is exclusive used for animal or pet care.
SCRATCHPAY VS CARECREDIT: HOW TO APPLY AND GET APPROVED
For pet owners who prefer CareCredit, application may be done through phone or via online. Personal application is also available for those who prefer to do the old-school type. In-person applications are available at most veterinary clinics that accepts CareCredit.
The application process is pretty simple. Apart from identifying data, users will also be asked to identify their plans for using the card. Plans do not necessarily have to be authorized by the veterinarian, but it’s just a way for the company to know what the money will be used for. Once your application is approved, you can immediately use the card at accepting pet healthcare providers or clinics.
By the way, you will also be asked to provide an ID, and also, to sign a promissory note. Once done, an email will be sent to you wherein you have to click the “Agree and Submit” button to seal the deal. Note that approval is only good for 30 days. So, we recommend not applying too early.
Meanwhile, with Scratchpay, you can also apply via phone. By doing so, you can immediately check the products as well as interest rates that are offered to you depending on your credit rating as well as your personal information. You can apply anytime. They have customer support that attends to calls and process applications 24/7.
One thing we like, which we found a lot of customers like as well, is that Scratchpay performs a soft credit check whenever they receive an application. This basically means they ensure that your credit standing does not show the inquiry or receive any “dings”. In addition, Scratchpay also uses a “merit-based” approval. They use their own internal algorithms, as well as carry your loan in-house, which means they are able to make decisions right away on who to and not to lend money without being tied to another cooperating lender.
Just a quick summary, for CareCredits, this is how it works:
Once the application is approved, they will notify you and your veterinarian regarding your status that very same day to ensure that your pet gets the needed treatment as soon as possible.
Automatic monthly payments are available through CareCredit app, via mail, or an online account. Interest rates vary but are usually ranging from 14.90 and 17.90 percent APR.
Meanwhile, this is how Scratchpay works:
- It only takes a few minutes before they offer you one of their four different loan options, which are as follows:
- 90 days with 0% APR
- 12-months (interest rate varies)
- 24-month loan (interest rate varies)
- Take 5: pay 20% down the day that you sign on with the plan. After that, the other 4 payments of 20% each are due every two weeks. This option also is 0% APR.
- Once the loan application is approved, Scratchpay will pay your veterinary clinic directly within 1 to 2 days. You can, by the way, choose either automatic or manual monthly payments by using their app.
FINAL THOUGHTS ON SCRATCHPAY VS CARECREDIT
Caring for our beloved pets these days is just like caring for a tiny human, if we may say. It requires a lot of responsibilities. Needless to say, it can be quite expensive. That is why it’s amazing, and really, an answered prayer that there are financial institutions that particularly cater to pet owners who need financial assistance especially in timed of their pet’s dire need.
Now, talking about which to choose — Scratchpay or CareCredit, we have to say that both have their own pros and cons, and what’s best between the two will actually depend on what the pet owner’s capability is, and the pet’s needs, of course.
Both offer really good deals, and it’s all up to what’s best for you when deciding which to choose among the two.