Frequently Asked Questions

Does Wags work like a credit card or a loan?

No, Wags is not a credit card nor a loan. Wags is a closed end consumer lease with fixed monthly payments and early purchase options throughout the term of the lease.

What is a closed end consumer lease?

A closed end consumer lease is a program with fixed monthly payments, and a fixed contract term, where a lessee has the option to buy out of the contract early, or purchase the property after the full lease term has been fulfilled.

What is the difference between a loan and a lease?

A loan is an agreement where a lender gives money or property to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point in time. Typically, the borrower will own the pet they are financing. A lease is an arrangement where a lessee (the renter) agrees to rent the pet from the lessor (the owner of the pet, Wags) for a specified period of time, in exchange for a monthly rental fee or leasing fee. The lease guarantees the lessee the right to possess and use the property during the course of the lease, however the right of ownership is still with the lessor.

What is the interest rate for this program?

This is a lease agreement, so there is no interest associated with this program. Any amount you’d pay beyond the financed amount are rental fees. They are predetermined based on your total receipt amount and will not change.

Is there an application fee?

No. We do not charge an application fee.

Are the payments fixed, or do they change over time?

The payments that a customer makes per month are fixed, and will never increase or decrease.

Who makes the monthly payments, and for how long?

The customer will make these payments over a predetermined term of 12 or 24 months, depending on the receipt total price of the pet, sales tax, and additional items such as food, or toys they may want to finance.

How much are the rental fees?

The rental fees mentioned above can be more than double what the customer financed if they run their contract to full term.

How can customers save money in rental fees with this program?

Customer can save money in rental fees by making only the minimum payments until they can pay what is called the Early Buyout. The Early Buyout is a lump sum payment that the customer would make on the month they'd want to no longer be under contract. Customers are able to buy out of their contract at anytime.

When can a customer buyout of their contract and purchase the pet?

Customers can buyout and purchase their pet at any time during the lease term. However, the earlier customers purchase the pet, the more money they'd save overall. Up to 55% savings from the total term cost.

How is the buyout total, or the purchase fee, calculated?

The buyout payment total, includes what is currently owed plus 15% of the pet's value. this is also known as a "purchase fee".

Is the "purchase fee" only for the early buyout?

The purchase fee will have to be paid at the end of the lease term even if the customer does not buyout early.

Why does the customer need to pay the purchase fee?

The purchase fee makes the pet legally the customer's owned property and no longer under a lease.

Where can a customer get an estimate of what they will pay?

Estimates for monthly payments, contract term, and buyout amounts at certain months can be found on the Pricing page at This tool can be accessed by retailers and customers alike.

Do you have an example of how much buying out would save the customer?

EXAMPLE: on a $1,000.00 dollar finance, the monthly payments will be $92.26 per month.

For 24 months. 92.26 x 24 = (2214.24) <= Total paid over 24 months Minus 1000 financed = 1,214.24 in financing fees.

The customer will have paid $2,214.24 over the course of 24 months.

The customer can buyout at any time in order to avoid paying this amount.

The buyout for a $1,000.00 finance is as follows:
After making 1 monthly payment, the buyout = $1114.58 (1st Monthly payment of 92.26)+1114.58 = $1206.84.

After 1 monthly payment plus buyout, the customer would have paid $1206.84 in total for the contract. 2214.24 – 1206.84 = 1007.40.

The customer would have saved $1007.40 from the full contract term amount.

A savings of roughly 45%

After paying the buyout, the contract would end, the property would be considered purchased, and we’d report to the credit bureaus as PAID IN FULL.

The customer’s credit would be impacted positively.

Note: The customer can pay their buyout at any time. Assuming they’ve fulfilled monthly payments on time, they are not restricted as to when they can pay this.
Amounts on example reflect current pricing and are subject to change*

Who legally owns the pet during the lease term?

Since this is a lease, Wags owns the pet throughout the course of the lease. However, the customer has the option to purchase the pet at any point during their lease. The customer also has the option to purchase the pet at the end of their lease by paying the purchase fee.

Can a customer pay more than the minimum payment?

Technically, a customer can make more than their minimum monthly payment each month, however it will not save them any money. Instead, it will only shorten their leasing period. To save money, Wags suggests that the customer exercise their early buyout option. The earlier a customer exercises their early buyout option, the more they will save.

Who is Monterey Financial?

Monterey Financial is Wags' third party billing service provider. They collect payments and manage our customer’s accounts. The Wags customer service line is available to offer support with difficulties on the actual application, drafting a contract, or general questions.

Can multiple people combine separate approval amounts to purchase 1 pet?

No. Legally, 2 people cannot lease 1 pet.

Can 1 applicant finance more than 1 pet?

No. It is a company policy, we only allow 1 pet to be financed per applicant.

Does Wags run a hard credit check when a customer applies?

Yes. When you submit your application with WAGS Lending you give us the right to run a hard credit inquiry.

How long do customers have to use an approval?

Approvals are valid for 30 days from the date of application. If the approval is not used within 30 days it will expire and a new application will need to be filled out.