What if I don’t have the cash to post bail?
We know how essential it is to have a loved one released from prison. It can have a significant impact on their future. It’s easy to see why it’s so important to get bail quickly:
90% of those who cannot afford a bail bond plead guilty, compared to only 40% of those who can afford a bail bond.
The average time spent in jail without a bail bond is 15 days. You could get expelled from school or lose your job in that amount of time. People are at a severe disadvantage because they cannot afford to pay to have a loved one released from prison. At least 21 years of age is the minimum age required for a loan from most lenders.
If you can’t secure a bank loan, getting a high-interest payday loan is even more challenging. Bail funds are only available in a limited number of states, but new ones are being introduced on a regular basis, so be sure to check with your state’s Department of Corrections to see if you qualify. If you don’t want to take out a high-interest loan, you can borrow money from family and friends. In order to avoid racial profiling and other discriminatory issues, many jurisdictions are currently decreasing the bail amount for persons with modest incomes.
You, a friend, or a family member can usually put up property as collateral in most states as well. If you don’t have work or any savings, getting a bail emergency loan may be impossible. This is because lenders tend to turn down high-risk, low-income borrowers. In order to secure a bail bond, you must appear capable of making your payments. Being surrounded by people who own property or other assets might be beneficial. It’s possible that you can get a loan using your car title or some other asset if you don’t have someone who can act as a financial guarantor.
Negotiating payment agreements directly with Acfa-Cashflow
Acfa-Cashflow does not charge interest when they finance or offer a payment plan for the 10-15% bail premium cost they charge. This is a given. Normally, the charge is paid in full at the time of booking, however, a bail agency may accept payments if a client has financial difficulties. Some bondsmen may charge a tiny “financing fee” for the additional paperwork, man-hours, and risk they assume by financing a bail bond, guaranteed to be funded with ACFA, normally do not charge interest on the amount financed.
Since they operate in a very volatile market, the bail industry makes a generous gesture by offering interest-free payment options at a premium cost. In the event of a fugitive who fails to show up for their court appearance, the bondsman has even fewer resources at their disposal and is forced to accept a greater financial loss.
Bond enforcement agents (who are distinct from bail bondsmen) charge a comparable fee for apprehending an escapee on behalf of the bondsman. This means that the bondsman is sustaining a loss only to engage a bail enforcement agency, even though they funded the 10-15% bond charge. A forfeiture of a bond would not be factored into this calculation.
In order to get a bail bond, the co-signer must have a solid work history. It doesn’t matter whether the co-credit signer’s score is low as long as they have been employed for at least a year at the same place of business. Unlike other lenders, bail businesses don’t care about an individual’s credit score or past.
Bondsmen are more likely to provide financing for a bond if the collateral has been provided for the transaction beforehand. A title lien or deed of trust might be used instead of physically handing up the property to the bondsman. As security, the bondsman may seize your automobile title and establish a lien on it. The bail agency can simply sign the lien back over to you once the matter has been resolved.
Like a temporary lien, but for real estate, a deed of trust is similar. The deed to a property can be used as security if a co-signer owns their home “free and clear,” which means there is no mortgage and all of the equity is owned by the co-signer. Using a local bail bondsman is essential because each state has its own set of rules for deeds of trust.
Bondsmen from out of state may not want to take a deed or automobile title if you are posting an out-of-state bond since they are unfamiliar with the processes in your state. As a result, a local bail bondsman should be contacted and the collateral should be posted with them. This bond can be posted through your local bail agent.
Pawn Shop Loans; Title Loans; Cash Advances; Personal Loans
Personal loans, payday loan providers, title loan lenders, and other similar services are also common ways to get bail money quickly. It’s critical that you get all of the terms of the loan in writing upfront. Recognize the costs and interest rates involved with the loan, notably the duration and how long-term interest rates may add up to.
It’s more difficult to get a personal loan with fair interest rates because of a person’s financial status, whereas payday loans and title loans are easier to get but also have higher interest rates for those with poor credit.
They want higher interest rates and stricter terms in exchange for approving these loans. If you’ve explored all other choices, we don’t discourage you from taking out a loan from a payday lender.
Make a concerted effort to pay off the debt as soon as the person is released from prison, and be sure to follow the terms carefully. As long as the loan is paid off quickly, all loan options should be explored because interest fees will be avoided. With your help, you can save the day for those you care about most.
Loans can be used for bail because of the following reasons:
Bailing someone out of jail can be difficult for many people because they lack collateral or are hesitant to risk their own to do so. There is a chance that the individual you bail out may not show up for their court date, which might put your assets at jeopardy. If you’re in a hurry to bail someone out and don’t have the time or resources to study and gather the necessary papers, you may have collateral.
Bail money is paid for with a credit card.
In the event that you cannot afford to pay a bail fee of 10-15 percent, you’ll need to come up with other solutions. Because most bail bondsmen accept major credit cards as a form of payment, there is some good news. A credit card or the permission of a family member might be used to pay the 10-15 percent fee if you find yourself in a pinch. This is an even better alternative if you believe you may get the money back before your credit card payment is due or after the defendant is released.
Paying a bail agent immediately and without the possibility of having to put up collateral eliminates much of the time and effort required for the bail process. Another, albeit less desirable, the option is to use your debit card in the same way that you would an overdraft from your checking account.
Think about the fact that if you can come up with at least half of the premium, most bondsmen will likely be able to finance the rest. Many bail bondsmen offer a wide range of payment options and can tailor a plan to suit your needs. To avoid the defendant being sent back to jail, you must make all of your payments on time. If you encounter a setback, be sure to communicate with your bail bondsman instead of ignoring the problem.