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Paying Your Bail: What to Know About Bail Bonds Payment Plans
Sometimes life can throw you a curve and you might find yourself behind bars. This is obviously an unfortunate circumstance and not something that most people want to experience. Fortunately, bail bonds are available to help you get out of jail so that you can deal with whatever legal issues you’re facing.
In this type of scenario, a bail bondsman will post your bail in exchange for a fee, along with an agreement to pay back the bond within a specified period of time. When you don’t have cash on hand, bail bonds payment plans can help you find a way to repay the bondsman.
This article takes a look at bail bond payment plans, how they work, and what you’ll need to do to get one. Keep reading to see all the important details.
Bond Company Payment Plan
When you’re in need of posting bail in order to get out of jail, your first option is to work directly with a bail bond company. This option allows you to work out a payment plan with the company based on specific criteria that they will present to you. This will likely involve signing a promissory note so that you are legally bound to repay the bond as indicated in the contract.
If you don’t currently have cash available to post bond, as a bond company what type of payment options they have available.
Credit Card Cash Advance
The next option is to use your credit cards for a cash advance. Most credit cards offer a cash advance against your total debt limit on your card. This enables you to take out an advance at any ATM. There will be fees and interest involved for the amount of the advance, but this is the quickest and easiest way to get the cash you need to repay your bail bond.
Payday loans enable you to borrow money against your next paycheck. This is a short-term loan designed to get you through a tight spot, such as getting bailed out following an arrest. Payday loans involve steep fees and interest, but they also provide a way to get out of jail if you can show proof of steady employment.
Car Title Loan
Your next option is to use your car title to get a short-term loan. Car title loans are typically quick and easy, as long as you have your car title and the value of your car is equal or greater than the amount of your bail bond.
Post Collateral Against Bond Amount
If you own your home, car, or some other type of valuable asset such as stocks, you could use it as collateral. Again, you need to keep in mind that the value of the collateral needs to be equal or greater than the amount of the bond before it will be accepted as a form of payment.
Use a Co-Signer
You can also have someone else co-sign for the bail bond. Just make sure that your co-signer is aware that they will be legally obligated to repay the bail amount if you fail to make the payment yourself.
A Guide to Understanding Bail Bonds Payment Plans
Getting arrested isn’t fun. Neither is staying in jail any longer than necessary. Fortunately, this guide to understanding bail bonds payment plans can help get you out from behind bars as quickly as possible.
Click here to learn exactly how bail bonds work.