When someone has found themselves arrested and in jail, it is only natural for them to want to do everything in their power to get out. After being arrested, the defendant will appear before a judge that will decide whether or not to set a bail amount that will allow the defendant to get out of jail while they await their trial. This is an amount of money that needs to be paid to the courts system as a guarantee that they will appear at their trial. If the defendant doesn’t have the money to pay for the bail on their own, they can turn to a bondsman for assistance. Ajua Bail Bonds is here to talk about the difference between a bail bond and loans.
How Bail Bonds Differ from Loans
There are several differences when you compare bail bonds and loans.
– Not Personal Loans: Bail bonds are quite different from a personal loan and are more like a contractual agreement between the defendant and the bail bond company. The money isn’t given to the defendant, but it is paid directly to the court.
– No Credit History: Another distinct difference between a bail bond and loans is that your credit history isn’t taken into consideration when the contract is written up. They usually look at the case on an individual basis and there are times when they will require a co-signer to be part of the contract. While your credit history isn’t something that is considered when deciding whether or not to grant you bail bond services, however, there are some legal consequences when you don’t pay the money back. There will more than likely be additional charges, loss of collateral, and could even face more jail time.
– No Fixed Interest Rate: There is no fixed interest rate with a bail bond. The bondsman will usually charge a fee upfront to cover their services. For many bail bond companies, they will charge around 10% on top of the bail amount.
How a Bail Bond Works
If you have never dealt with a bail bond company, you might not completely understand how the process works. When someone is arrested and the judge sets the bail amount during the bail hearing, the defendant might reach out to a bondsman to help them come up with the money that is required to get them out on bail. The bondsman will usually charge a fee, usually 10%, plus some sort of collateral to secure the bail bond. This could be property, vehicles, jewelry or other high priced items. There are certain conditions that much be met while out on bail. The biggest one is showing up to the trial. If these conditions are met, the money is returned to the bondsman.
Bail Bond Services in Clovis, Reedley, Sanger, Selma, Atwater, Los Banos, Merced, Visalia, Porterville, Tulare, Hanford, Corcoran, Lemoore & Greater Fresno, CA
If you are arrested and need help getting out on bail, you can turn to Ajua Bail Bonds for help. Call us today!
