If you have recently had a loved one or friend arrested, you've probably found yourself in search of a bail bondsman. The idea of bailing someone out of jail can be intimidating, especially if you're dealing with a high bond amount. When you don't have enough money to pay cash for the bond, you need to work out a payment plan. Your bondsman will take something for collateral but will also typically allow you to make monthly payments until the bail amount is covered. Here's what you need to know about bail bond payment plans to help you be better prepared.
What Factors Affect Your Payment Plan Options?
Just like with any other loan, there are some qualification factors that will be taken into consideration as part of your bail loan. Depending on each of these factors, your down payment and payment amounts will vary.
Your credit score is an important one, as is your current employment record. These things are important for the bail bondsman to determine your ability to pay and your payment history. The lower your credit score is, the higher the down payment and interest rate will likely be for your bond loan.
In addition, the bondsman will also consider whether you own or rent where you live. Owning the property is considered less of a risk for lenders than if you rent. If you're renting, you could move and leave the bondsman on the hook for the bail amount. This is less likely if you own your home, so they will be more likely to lend to you.
Finally, your collateral options will be considered. The bondsman needs to see something for collateral that will cover the cost of the bail amount if he or she needs to cash it in. If you don't pay, or your loved one skips bail, the bondsman will take possession of whatever is used for collateral. That means you have to have something to offer that will cover the entire cost of the bail.
How Can You Pay For Bond Amounts?
Each bail bondsman will have their own options for how you can make your bail bonds payments. Depending on the monthly payment agreement, you may be able to make payments in the bail office in cash or with money orders. However, this can be difficult to do if you work long hours or can't reach the bond office when it is open.
In cases such as this, it's beneficial to ask the bondsman if he or she offers online payment options. With technology becoming such a big part of everyday life, most bail bonds offices have electronic payment platforms. You can make payments through their website portal using a credit card, debit card, or even your PayPal account sometimes. Make sure that you understand all of the available options before committing to any bondsman so that you can be sure that you'll be able to make the payments on time.
Do The Payments Have To Be Monthly?
While most standard bond loan agreements require monthly payments, you don't necessarily have to be locked into this. Look for a bondsman who is able to offer flexible payment options. Be completely honest with the bondsman about your financial situation and your ability to pay. He or she will typically be happy to work with you in an effort to ensure payment rather than trying to make the situation difficult.
Bail bonds services are an important consideration, and they play a key role for those who find themselves arrested. Understanding the financial implications of bail bonds systems can help you to be better prepared when you find yourself trying to get a loved one out of jail. Talk with a local bondsman today to be sure of what their requirements are before you actually need them. Find more resources at a site such as https://www.bradsbailbonds.com.
