If you have found yourself arrested for a crime, you might find yourself in a position where you want to make bail but you don’t have the funds to take care of it on your own. This is where a bail bond would come into play. A bail bond agency gives you the funds that you need and charges a fee for their services. It is a common misconception that bail bonds are loans. Ajua Bail Bonds is here to talk about how bail bonds are different from a traditional loan.
How a Bail Bond Differs from a Loan
There are several ways that a bail bond is different from a traditional loan.
– A Bail Bond is Not a Personal Loan: When you think about a bail bond, think of it not as a loan, but a contract. This is a three-way contract between the defendant, the bail bond agency, and the court. The bail bond agency acts as a surety. This means that it is up to them to guarantee that the defendant will show up on their court date. The agency pays the court, not the defendant.
– A Bail Bond is Not Based on Your Credit Score: Unlike a loan, a bail bond is not dependent on your credit score. It isn’t even based on your income. The factors that play a role in a bail bond are the risk of you being a flight risk and the severity of your crime. Sometimes, the agency will require you to have a co-signer.
– There’s Not a Fixed Interest Rate with a Bail Bond: Another key difference is that there is no fixed interest rate or a monthly payment plan that you have with a bail bond. They usually charge a fee upfront of around 10% depending on the agency you use. That rate that you pay usually depends on the length of the case as well as how well you hold up your end of the bargain. There are often additional fees that can accumulate that might include travel fees, administrative costs, or court fees.
– A Bail Bond Does Not Impact Credit Score: There is a distinct difference between bail bonds and loans in that it doesn’t have a direct impact on your credit score. Your credit won’t take a hit when you make the contractual agreement like it does with a loan. If you don’t pay the bail bond company, you will more than likely lose whatever collateral that you have put up to get the bond. You won’t have a hit to your credit there either.
Bail Bond Services in Clovis, Reedley, Sanger, Selma, Atwater, Los Banos, Merced, Visalia, Porterville, Tulare, Hanford, Corcoran, Lemoore & Greater Fresno, CA
If you have been arrested for a crime, you can turn to Ajua Bail Bonds to help you get out of jail while you wait for your day in court. We know how beneficial it can be to spend that time with those that love and support you. It is our goal to get your home where you belong. Call us today!
