Avoid Predatory Loans From Some Pet Stores – Paw’s Corner

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DEAR PAW’S CORNER:

I recently read an article about a predatory lender that is targeting people buying dogs at some pet stores. These loans have insane interest rates as high as 130% to 189%! Please warn your readers to avoid taking out high-interest loans to buy a new pet. So many pets are in shelters, waiting for their forever homes. Don’t buy from a puppy mill! — Janie F., Sarasota, Florida

DEAR JANIE:

Thank you for sounding the alarm! A recent CBS News report warned about a lending business called EasyPay Finance that charges huge interest rates. Find the article here: https://tinyurl.com/26b8mdcz/

Predatory loans and pet stores that source from puppy mills are a nasty storm of awfulness. Often, puppy mill dogs arrive at the store in poor condition, and new owners who’ve just paid thousands of dollars to buy a dog now have to shell out thousands more for medical care.

The message here is clear: Don’t take out a high-interest loan to buy a pet. If you spend time researching the perfect dog for your family, then you should also spend time studying the financial aspects of dog ownership.

Do business with reputable breeders — you should be able to visit the breeder and see the conditions your prospective pet lives in, meet the puppies and their mother, and discuss their care. Good breeders care about their dogs’ welfare. If you’re going to pay thousands of dollars for a pet, choose this route.

Shelter pets are another option. If you aren’t breed-specific but want a wonderful companion, contact the local shelter. Adoption fees are a few hundred dollars, but that is significantly less than what puppy mills are charging. And you’ll get a healthy dog that’s ready for a new family. It’s a win-win.

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