Qualifying for Bail Bonds
March 12, 2021
It’s painful enough to hear that a loved one—a son, daughter, partner, or sibling—has been arrested without having to think about the costs. Arresting somebody costs a lot of money. Along with the high cost of a courtroom, bail bonds can be prohibitively costly. There are, however, ways to help mitigate some of the difficulties associated with making payments. Here’s a short rundown on how to apply for bail bonds, as well as several strategies for easing the financial burden. Our website provides info about Connecticut Bail Bonds Group.
Be aware of the prices.
The amount that bail bonds companies will charge their clients is determined by state law. The state of California, for example, stipulates that a bail bondsman’s fee must be set at precisely 10% of the total bail amount—no more, no less. Bail bondsmen who sell deals or threaten to overcharge you should be avoided. They are in breach of the rule.
Cash, most major credit cards, and money transfers are all acceptable methods of payment for this charge. Many bail bondsmen demand the whole sum up front because it is the only way for them to guarantee that they are charged and do not lose money if the defendant fails to appear in court. However, if the indemnitor, or the individual who signs the bond, may demonstrate financial stability, several bondsmen may agree to a long-term funding scheme.
Using a financing package to pay
If you can’t afford to pay the whole bail charge up front, inquire into using a financing package to spread the cost out over several weeks or months. You can qualify based on your financial background, and the bail bonds company will enable you to do so. It’s important to know that if you set up a payment plan, you won’t have to pay any interest. The fee cannot be increased for any reason, including charging interest on a long-term payment plan, of course.
Factors to consider when determining financial credibility
Home ownership and credit history are the two most important considerations that a bail bonds company can consider. If you own a house, it demonstrates that you are financially secure, can afford bail, and can provide collateral if the arrestee flees. People with good credit who pay their bills on time are in the same boat. They would have no trouble locating a willing bail bondsman and obtaining a bail bonds funding package.