When someone is arrested and charged with a crime, they may have to pay bail to be released from jail. Bail is a set amount of money that is paid to the courts to ensure that the accused appears for their court date. Bail bond loans are a way for individuals to get out of jail without paying the full amount of bail. Here is a bit of information on how these bail bond loans work.
What They Do
A bail bond loan is a type of loan that is used to cover the cost of bail. It is a loan that is secured by the defendant's promise to appear in court. In most cases, the defendant's family or friends will borrow the money from a bail bond company. The bail bond company will then post the full amount of the bond at the county jail. This allows the defendant to be released from jail until their court date. It is not a "Get out of Jail Free" card. If you are found guilty of the crime you will need to do any jail time the court gives you. You are only "free" until the court decides your guilt or innocence.
The cost of a bail bond loan varies by jurisdiction, but typically the bail bond company charges a fee of 10% to 20% of the total bail amount. This fee is non-refundable and is used to cover the bail bond company's expenses and serve as collateral for the loan. The bail bond company may also require additional collateral from the defendant or their family or friends. This collateral is usually in the form of property or other assets.
Repaying the Loan
When the defendant appears in court, the bail bond loan is repaid in full. If the defendant fails to appear in court, the bail bond company can seize the collateral and use it to cover the cost of the loan. In addition, the defendant may be subject to criminal charges for failing to appear.
Bail bond loans are a common way for defendants to make bail without having to pay the full amount of the bail. It is important to understand the risks and responsibilities of a bail bond loan before signing any contracts. It is also important to remember that the bail bond loan is a loan and must be repaid. If the defendant shows up to court, the court releases the bail back to the bail company, paying the loan in full. Failing to appear in court means you must repay the loan yourself and can result in you going back to jail.Share