Scratchpay introduces interest-free client financing
Pet owners have three months to pay off loans of up to $10,000.
Veterinary clients looking for payment options can get three months of interest-free financing, Scratchpay announced Aug. 14.
The Los Angeles-based financial technology company reported that its loans of $200 to $10,000 may be repaid early without penalty.
“Besides being yet another opportunity to help our customers get care for their furry family members, the major benefit of our new payment option is that it will never negatively impact the borrower’s credit score with a hard inquiry, unlike a medical credit card,” said John Keatley, CEO of Scratchpay.
Veterinary practices that accept Scratchpay are assessed a 5 percent fee per transaction.
The company noted that zero-interest financing can make the difference in whether a pet gets needed veterinary care. Scratchpay cited a 2017 CareerBuilder study that found 78 percent of Americans live paycheck to paycheck and 6 in 10 don’t have $500 saved for emergencies.