Do Bail Bonds Agencies Offer Payment Plans?
Posted on: 10 August 2021
Not everyone has the full cash amount to pay their bail. Often, many will turn to family and friends or liquidate assets to secure the amount needed. For others, they'll need to figure out alternative ways to raise the amount. This is where licensed bail bonds agencies come in handy.
These agencies will help you secure the funding you need to get you out of jail. Here are some options available.
Zero Down Payment
Typically, you'd expect that your release would come after you pay the entire bail amount or put up part of it. Some bail bond agencies can secure your release even before you pay a down payment.
Not all agencies offer this financing option, so you'll need to research and find a bail bonds agency that will understand your situation. Ideally, you want an agency that will secure your release without a down payment and agree to monthly payments. This means you can go back to work or school and figure out how to repay the agency.
Down Payment and Installments
Since not all agencies offer the no down payment option, you can opt to pay a down payment and installments. The higher the down payment you're willing to pay, the higher your chances of getting a good payment plan.
If you choose an option that involves monthly installments, ensure that you pay the stipulated amounts on time. Like any payment plan, you'll pay interest, which the bail bonds agency determines. If you delay payments, your interest rates will probably increase.
No Collateral Bonds
Can you secure a no collateral bond? Yes, it's possible to get a bail bonds agency to offer a no collateral bond. However, the agency will have to review a few factors about your case before they make the decision.
In addition, you'll also need someone to sign for your bond. It could be a family member, friend, or partner. The agency will secure your release at a fee, usually 8-10% of the bail amount. Remember that getting a no-collateral bond isn't easy, especially if you have a criminal record or a bad credit rating.
Are Payment Plans Available for Everyone?
Before a bail bonds agency can approve a loan or payment plan, they have to review your case and credit history. A good credit score will come in handy, but it's not the sole determiner. You'll also need a good credit history, decent collateral for loans, and solid employment. If you have a good credit standing, the bail bonds agency will likely work with you to figure out a suitable payment plan.
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