Needing emergency cash to pay for a bail bond is a tricky situation. Bail bonds are expensive. More than what most people have saved away. Cash bail is often tricky to obtain quickly, especially if you are working with a family member or a loved one to get the full amount. Some cash bails are the equivalent of a down payment on a house!
Instead of relying on your savings account to get you home, there are other ways to get emergency cash to pay for a bail bond! Emergency loans can take care of your bond, and let you find your freedom.
What is a Bail Bond?
A bail bond is a type of bond provided by a surety bond company. This company acts as a type of insurance company, where a bail agent or bail bondsman will secure the release of someone from jail.
While a surety bond is a promise of debt liability and fulfillment. In the case of this bond, it is a third-party contract by which one party (the surety) guarantees that the obligation of debt from a second party (the principal) will be filled to the third party (the oblige). With a surety bond, there is a guarantee that you, or the person you have taken the bail bond out for, will show up to the court date.
While cash bail bonds are difficult and it is hard to come up with that amount of money in time, there are other options besides draining your bank account. Emergency loan options can cover the amount of bail and more! While you have many different types of emergency options, a title loan can help alleviate the cost of a bail bond- even if you have bad credit! Before discussing your emergency loan options, here is the rundown of how bail works:
How Do Bail Bonds Work?
If a person needs a bail bond, they will go to a bondsman, or bail agent. The second party, or the principal that is asking for the bail bond, must pay the bail agent 10% of the total amount of the bail.
The cost of bail is often set by the judge, who issues it based upon the list of set bail prices for the crime. Misdemeanors will have different bail prices than others. In addition to paying the bail agent a portion, the principal must offer collateral of equal or greater value to the remaining portion of the bail loan.
Examples of Bail Bonds
If a bond has been set at $5,000, the principal would need to pay the bail agent $500. That leaves $4,500 that would need to be secured by collateral. Often, the principal will use something like a vehicle to cover the remaining costs. Once the 10% has been paid and the other 90% has been secured through collateral, the bond agent will then provide the court with the entire value of the bail. After the bail is posted, the accused party will be released. This is only under the assumption that they will show up for their court date, or that they can pay the bail.
What Happens if the Accused Appears for the Scheduled Court Date?
If the accused makes it to the court date, the bail money will be returned to the bail company that the bond agent works for. After this, the surety bond company will release any of the liens placed upon the collateral that was provided by the principal, or bond agent. In most cases, however, the bond company will keep the 10% bond fee that was made by the principal. If the accused needs legal advice, the state is required to provide it.
What Happens if the Accused Fails to Appear for the Scheduled Court Date?
If the defendant fails to appear for the scheduled court date or meet the legal obligations, the bail money will be forfeited. Additionally, the judge will use a bench warrant for their arrest to go to county jail. However, if the accused has been recaptured by the authorities, the bond could be returned once they are placed into custody. The timeframe may vary depending on the case, and the crime. Even if the accused has been returned to custody, there is a possibility that the surety bond company will repossess the collateral.
If the accused does not return to custody in the given time frame, the bond will be forfeited permanently.
Loans for Emergency Cash to Pay for a Bail Bond
If you are short on emergency cash to pay for bail bond, there are a few options to consider:
- Personal Loans: Personal loans are often unsecured, and do not need collateral. Instead, a borrower will need to have a good credit score for approval. If you do not have a co-signer, these can be difficult to obtain from most lenders.
- Payday Loans: These loans help a borrower in between paydays. Often, they are $50-$500, which is not enough for larger bail amounts. Payday loans are meant for those with bad credit histories, as there is often no credit check to obtain one! While they can be a fast way to get cash, there are better payment options available. Payday loans often have high interest rates that can be tough to repay!
- Title Loans: Through the title of your vehicle, you can get cash! Title loans are secured through collateral, so your credit score is not the most important part of the approval process. There are many different repayment options and flexible payment plans to choose from, and you’ll easily find something that’s affordable for your financial situation. Plus, when you work with Max Cash® Title Loans, you can get your cash in as little as 24 hours!2
Start with Max Cash Title Loans for Emergency Cash to Pay for a Bail Bond Today!
When you’re in a tough financial situation and you need cash fast, Max Cash Title Loans has your back. See if you can apply through us today by going online, or calling one of our representatives at 855-561-5626. We are available seven days a week to take your call and give you the help you need!