Finding The Right Lender

3 Financial Facts You Should Know About Bail Bonds

Money is always an important factor to consider when bailing someone out of jail. While most people understand how cash bail works, many people are not quite as familiar with the financial side of using a bail bond. If you are thinking about utilizing the services of a bail bondsman to get a loved one out of jail, it is important that you understand the financial aspect of these services. The three facts below can help you to gain that understanding. 

Fact #1: You Do Not Need To Have All The Money Upfront

One of the primary reasons that bail bonds are so popular is that they allow individuals to post bail for a loved one even if they do not have the full amount of the bail upfront. While the exact amount of money you will need upfront depends upon the amount of your loved one's bail and their criminal history, you can be sure that the total amount of money you will need will equate to just a small percentage of the total bail amount. This can prove extremely beneficial if your financial resources are limited at the time your loved one is arrested. 

Fact #2: The Bail Bond Fee Is Nonrefundable

Many people make the mistake of thinking that the money they pay when obtaining a bail bond is applied to the bail amount. The truth, however, is that this is the fee charged by the bail bondsman to issue a bond for your loved one's release. Since this money is a service fee and not applied to the bail amount, this fee is not refundable. This means that even once your loved one's case has been closed, you will not be due a refund for the money you paid to the bail bondsman. 

Fact #3: You Can Be Held Liable For The Full Bail Amount Plus Costs

While you may not be required to pay the full bail amount upfront when obtaining a bail bond, you can be held liable for this entire amount if the person you bailed out of jail does not show up for all of their court dates as required. If the bail bondsman is required to pay a bounty hunter to locate your loved one and return them to custody, you could also be held liable for any costs that the bondsman incurs. For this reason, it is vital that you only obtain a bail bond for individuals that you are sure will meet all the terms of their release.

For more information, contact a bail bondsman near you.