Payday loans for pets prove you’re not barking mad

Following on from the furore that instant cash loan company Wonga caused last month after being accused of offering short term loans to students a new quick cash advance lender has hit the cyberspace headlines, for targeting pet owners this time.

Very few people consider pet insurance as, in this day and age, there are more critical aspects of daily life that demand the attention of tight household budgets before the consideration of vets fees enters the equation. However, Birmingham-based entrepreneur Ash Sethi, founder and MD of, has spotted a gap in the market offering short term finance to animal lovers whose stricken pets threaten to run up extensive care bills.

The APR on offer is a representative 2,120% APR – in comparison with alternative instant cash loan companies rates, that’s a competitive rate. Ash provides an example of what that means in actual cash, the only way to realistically to judge whether or not a instant cash loan is suitable for your requirement. If a pet owner is short on their bill – or their insurance will not pay out in time to meet a critical requirement, as can be the case – by £200, as per the online example, they can borrow the finance from the most suitable lender within’s network of instant cash loan lenders and, within the 30-day limit, their account will be debited £258.

This particular example works out at just over 350% APR, which may sound a lot, but when you look at the difference between what you borrow and what you repay – just £58 – you have to say that any pet-owner would take that on the chin if it were contributing to the health and welfare of a beloved family pet. Obviously, the original £200 needs to be paid back, also.

If you compare that figure to being in your unauthorised overdraft, depending on your rate you could have 12 days at £5/day excess or just 6 days at £10/day until the instant cash loan becomes more cost effective. As for paying back on your credit card, that will depend on how much limit you have and whether you would repay the lot or just the minimum required. If you opt for just the minimum, you run the risk of having the debt on your card for 12 months or more and paying back a lot more in interest over that term.

You can see why short term loans are becoming a preferred method of lending, even for those who have a decent credit rating, than more traditional sources. You could say that, to look anywhere else, you’d have to be barking!

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