Finding out that a loved one- son, daughter, spouse, or sibling- has been arrested is tough enough without having to worry about the expenses. Getting arrested is definitely not cheap. Along with the pricey trial costs, the bail bonds can also be very expensive. But there are ways to help alleviate some of the struggles of making payments. Here is a quick guide on how to qualify for bail bonds and methods that can help ease the financial burden.
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Know the costs
State legislation determines the price that bail bonds businesses can charge their clients. The State of California, for example, mandates that the fee that a bail bondsman collects is to be set at exactly 10% of the entire bail- no more and no less. Do not negotiate with bail bondsmen who offer discounts or try to overcharge you. They are breaking the law.
This fee can be paid for via cash, most major credit cards, or money transfer. Many bail bonds agents require all the money up front, because it is the best way for them to ensure that they get paid and don’t lose money if the suspect jumps bail. But in certain situations, many bondsmen will allow for a long-term financing plan if the indemnitor, or person who signs for the bond, can prove financial stability.
Paying with a financing plan
If you cannot afford to pay the entire bail fee up front, ask about the possibility of using a financing plan to pay the amount over multiple weeks or months. Depending on your financial history, you may qualify and the bail bonds business will allow this option. If you set up a payment plan, it is important to know that you do not have to pay any interest. The fee cannot be raised for any reason, which of course includes charging interest on a long-term payment plan.
Factors to qualify for financial credibility
The two main factors that a bail bonds business will consider are home ownership and credit history. If you are a homeowner, it shows that you are financially stable, can afford to pay bail, and are able to provide collateral should the arrestee flee. The same can be said for people with good credit who pay their bills on time. They will have no problem finding a willing bail bondsman and even receiving a bail bonds financing plan.