SCARBOROUGH, Maine–Town & Country FCU has rolled out a new loan program to help members with pet-related expenses. The new loans are priced at 6.99%, similar to what it charges on other consumer loans.
"In Maine we have a high level of pet ownership and I think all kinds of demographics enjoy pets," David Libby, president and CEO of Town & Country FCU, told Mainebiz.com.
Libby added that demographic includes a growing number of singles, who have limited resources to draw from in case of a pet emergency, MaineBiz.com added.
"People enjoy their pets, and I'm sure it is going to continue to get more expensive to own a pet," Libby was quoted as saying.
According to the credit union, owners spend an average of $800 to $1,500 a year on their dogs and cats, and the new loan program is aimed at helping to defray the costs of medicine, emergencies and vet visits. The credit union has pointed to statistics showing Maine second in in the country in terms of households with cats, and among the Top 25 in dog ownership, MaineBiz.com said.
More Than a Dozen Inquiries
More than a dozen members have made inquiries about the pet loans, according to the CU. Libby told MaineBiz.com loan amounts are typically above $1,000, with some in the range of $4,000 to $5,000. Terms can run as long as three years.
Libby told MaineBiz.com Town & Country FCU decided to add pet loans to its product mix after observing employees' experiences with their own animal companions and asking how they were covering expenses.
“Further research revealed that some owners were having medical procedures done on their pets, and then had to borrow money to cover the costs at fees of more than 20%,” said MaineBiz.com.
As part of the program, the $395-million Town & Country FCU has signed on as a sponsor of Ales for Tails, a dog-friendly beer festival scheduled for Aug. 24 in Portland.