If you’ve received word that a loved one or family member has run afoul of the law, the last thing you want to be concerned about is financial obligations. Unfortunately, bail bonds will be the first thing you’ll have to deal with in order to get your loved one out of prison and back on their feet. Interested readers can find more information about them at check out the article
The majority of states have extraordinarily high bail amounts. Even the legally mandated 10% cost to your bail bondsman can easily run into the thousands of dollars. If you’re having trouble paying your bondsman, here are some pointers on popular financing methods and actually qualifying for bail through a bondsman.
Calculate the Total Cost
It’s simple to calculate the overall cost of your bail bonds services. The sum owing to a bail bonds company is not subject to change. Rather, the State Department of Insurance determines it. In California, for example, it is set at 10% of the total bond sum determined by the judge. The bail bond industry is not allowed by law to change the price of a bail bond.
This is advantageous to you because interest charges cannot be added to bail bond expenses. While most bail bonds firms expect payment in full up front for their services, in order to compete with other companies in the area, most will also provide financing alternatives or payment plans.
How to Get a Financing Plan
In order to fund a potential client, most bail firms will do a credit check. A solid credit score guarantees the bondsman that the customer pays his or her obligations on time and can afford his or her services. Some will even demand that your loved one be released in exchange for a house or other valuables as collateral. If you don’t think you’ll be approved for bail, consider getting a co-signer from a family member or friend. Then that individual gives more collateral, assuring the bondsman that if the defendant runs, he will not lose money.