When arrested, the defendant is taken to jail and held in custody until their hearing date. However, you have the right to bail if you’re not considered a flight risk or a threat to national security/public safety. Other conditions may be considered to determine whether you qualify to post bail and secure your release from jail so that you can spend time with family and loved ones or return to your normal life. Once the accused abides by the bail bond conditions and posts the required bail amount, he or she can walk out of jail. However, not everyone can afford the bail amount. So, should you apply for financing like a bail bonds loan from Bob Block Bail Bonds?
You can still get bail bonds financing with bad credit score
If you want to post bail, there are several financing options. First, you can pay the entire amount in cash if you have it upfront or issue a certified check. Since most ordinary citizens are unable to afford the set bail and can’t pay upfront, their next option is to obtain a soft loan from family and friends or get a personal loan form a financial institution such as banks. When the trial or case is over, the defendant will receive a full refund less a few office expenses. Once you have the money back, you can use it to pay off the loan, including the few charges you might have incurred. Just ensure that you have good credit to make it easier for you to secure a loan and pay it off with low-interest rates. Having a poor credit score not only makes it extremely difficult to secure a loan from a bank or lending institution but also attracts ridiculously high-interest rates that make no financial sense.
A variety of financing and payment options
Another reason to apply for bail bonds financing is that there are various payment and financing options available, including pledged stocks and bonds, government payment services, and promissory notes. Other options include payday loans, American Express concierge services, whole life insurance policies, payday loans, and car title loans. So, you don’t have to stick to one particular option if the odds are not in your favor.
If you don’t have the standard 10% fee of the full bail amount, you can work with your bail bonds agent to find a plan that suits you. For instance, you can pay a down payment toward the fee and pay the rest using an agreed payment plan. You can also use collateral to pay the rest.
Discounted rates
While the standard bail rate is often 10% of your full bail amount, you may be eligible for a 2% discount if you meet certain requirements. This means that you may only have to pay 8% bail bond fees or commission instead of the standard 10%. Other factors that may qualify you for a bail bonds discount may include being in the military, having retained a lawyer, and belonging to a union.
So, should you apply for bail bonds financing? Well, the answer is up to you and depends on your financial situation and the circumstances surrounding your case. Also, you’re strongly advised to consider bail bonds financing if you don’t want the source of your bail to raise suspicion.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin