2 Things You Should Know About Getting A Jail Bail Bond
If you cannot afford to pay a bail that has been set for you or a loved one to get out of jail, it may be possible to get the money from a bail bond company. If you have never had to do so before, you may be wondering how what to expect when going to such a service provider for help. Here is what you should know.
A Bail Bond is a Loan
A bail bond is a loan like any other, although the terms may be different than the typical home or vehicle loan. In addition to paying back the bail amount that you are borrowing, you will be expected to pay a fee for the loan service. The bail bond company you work with may charge a certain percentage of the bail or tackle interest at a certain percentage.
It depends on the laws that are set forth in the state you're posting bail in. Once your case (or that of your loved one) is settled, the bail amount is sent back to the bond company, so you don't have to worry about paying for it. However, you'll still be on the hook for the extra fees and/or interest rates.
Collateral Is Usually Accepted
You will likely be expected to make a down payment on the loan amount you're receiving from a bond company to secure bail for yourself or a loved one. This is done to establish that you have the intention to pay the bond back as agreed to and that the defendant, whether that be you or a loved one, will show up for their court hearings. Luckily, most bond companies will accept collateral in exchange for cash if you don't have any money to offer. Some types of collateral that are typically accepted include:
- Jewelry
- Land
- Vehicle Titles
- Stocks and Bonds
You will get your collateral back as long as court hearings are adhered to, and the case is settled. If a court appearance is skipped and bail is rescinded, you likely will not see the collateral again unless you can come up with the cash to pay the bond company.
There are lots of variables that may come into play depending on the state you're working within and the specific bail bond company you decide to partner with. It's a good idea to schedule a consultation appointment with the bond company so you have an opportunity to address all of your questions and concerns before making any financial agreements.
Contact a local bail bond service to learn more.
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