When you or a loved one has been arrested, you will quickly look for ways to get them out of jail. One of the quickest ways and most affordable option to get someone out of jail is to get a bail bond. At times a bail is set so high that you simply don’t have that kind of cash sitting in your bank account. A bail bond is a special loan that pays the bail for you, but most often requires collateral or financing. When seeking a bail bond it helps to know a few tips on financing it. Ajua Bail Bonds will cover the basics on how to finance a bail bond for you or a loved one.
Bail Bond Options
When you need to post bail there are a few different options of how you can pay. For those who have the cash, you can pay the bail up front at the court house or the county jail. However, bail is sometimes set pretty high and most people cannot afford the entire bail up front. In such cases they can seek a personal loan from a bank, friend or family member. When paying a bail bond you will receive the option of getting the money back once the case has been closed. However, no one wants to take out a loan if they can help it. Another option is seeking the service of a bail bondsman. Usually you will only need to pay a certain percent of the bail amount and the bail bondsman will pay the rest, which is usually the greater option for obtaining the bail. The amount you pay will vary between the different bail bond companies. For those do not have enough cash to pay for their percent of the bail bond, a bail bond agency will often accept collateral. You will receive your assets back once the case is over. However, it does require the defendant to show up for their court hearing. If the defendant doesn’t appear in court on their scheduled court date, the bail bond paid to the court will not be refunded back. Additionally the defendant will become a fugitive and will have a warrant out for their arrest.
Can You Finance a Bail Bond? What Can Be Used as Collateral?
Bail bondmen will generally take a number of different financing options or collateral. Here are some of the different collateral or financing options that can be used to pay for a bail bond.
Pledged Stocks and Bonds – You can pledge stock or bonds to get money for the bail or move it to a trust account. In some scenarios, the bail bondmen can even qualify the funds to release the defendant from jail even before the funds are available.
Promissory Note – A promissory note is a legal instrument in which one party promises to pay another party. A promised sum is included in a promissory note as well as the date when the sum needs to be paid. Not all bail bondmen will accept promissory notes so when contacting a bail bond agency you can ask them about their status on Promissory Notes.
Personal Valuables – You can also use personal or owned valuables as collateral. This can include property, homes, vehicles, antiques, jewelry and etc.