Finding The Right Lender

Bail Bond Financing: Commonly Asked Questions

If you are like most people you probably do not have a pile of extra cash laying around just in case someone you know gets arrested and needs to be bailed out of jail. This is precisely why many people find themselves scrambling to come up with some much needed cash in the event they do need to post bail unexpectedly. Thankfully, a bail bond financing company can often help if you find yourself unable to pool together enough cash to post bail. If you are unfamiliar with the financing services these companies provide, taking the time to review the commonly asked questions below can help you to better understand what you can expect and to ultimately decide if these services may be right for you.

Do Bail Bond Financing Companies Require A Down Payment?

Most bail bondsman will require you to make a small down payment before bail can be posted. However, there are exceptions to this rule. This is because some bail bond financing companies will allow you to obtain a loan for the entire bail amount. In many cases you will be required to provide some sort of collateral in order to obtain these loans. For instance, some bondsman will work closely with a title loan service that will allow you to obtain a cash loan by using the title to your vehicle as collateral. The cash obtained through this loan service can then be used to secure a bail bond. 

Can You Get Bail Bond Financing With Bad Credit?

Bail bond financing is often available to individuals with a limited or even a bad credit history. In fact, there are many bondsman that will not even require a credit check in order to obtain financing. Instead, your eligibility for a bail bond payment plan will often be based upon your current ability to pay. In order to prove you have the ability to make all scheduled payments, you will be asked to provide proof of income and expenses before a payment plan can be developed. 

What Happens If Your Loved One Does Not Honor The Terms Of Their Financed Bond?

If you obtain bail bond financing in order to secure the release of your loved one and they do not show up to all of their subsequent court dates, the court will revoke their right to bail. This means that a warrant will be issued for their arrest and they will return to jail once local law enforcement is able to locate them. However, despite the fact that they are no longer out on bail, you will still be required to pay the full amount of the bond to the financing company. This is because if the terms of your loved one's bail are not met, the full amount of the bail will be surrendered to the court. Look into a bail bond financing business near you for more information.