Do you have a loved one who got arrested and you want to help release them from jail? The primary step would to be find a way to get them out of jail. However, the defendant will need to appear before a judge to appeal for bail first.
Posting bail when you need to get someone out of prison can be financially frustrating. Luckily, through bail bond financing, you can be able to afford the costs of releasing the defendant from jail. If you hope to get a loved one from lockup, this article will help you to learn about bail bond financing and how it works.
What is Bail Bond Financing?
When a person gets arrested, a judge can grant bail for a specific amount of money. When you post the bail, the defendant can get out of jail for the time being as they wait for court proceedings. The endorsement that affirms that the respondent will settle the bail amount in due course is called the bail bond. If you do not have all of the money necessary, you may need to apply for bail bonds financing.
A bail bond assures the court that the accused person will appear for future court proceedings. If the defendant fails to appear for trial, the court revokes the pledge. In this regard, it is the responsibility of the bail bond agent to ensure that the defendant shows up for the hearing.
How Does Bail Work?
When accused of a crime, the person gets arrested while waiting for their trial and court proceedings. The court can release the defendant on their recognizance. In most cases, the respondent may appear before a judge for bail amount determination. If you want to discharge the accused from lockup, it is necessary to pay the amount the court will set.
Essentially, the bail amount is an incentive used to leverage the respondent into showing up for future trials.
How Does the Court Determine the Bail Amount?
The court sets the bail amount based on several factors. Some of the factors that influence the amount of bail posted include:
• Type of crime
• Severity of offense
• Likelihood of the defendant showing up
• Criminal history
• Connections of the defendant
In most cases, posting bail can financially tax a person’s financial status. If it is too high for your average income, settling the amount can seem impossible. That is where the bail bond payment plans set it to facilitate payment.
What Does the Bail Bond Payment Plan Entail?
You can opt for a bail bond payment plan when posting the full bail seems impossible. Bail bond financing companies provide such services. Your bail bond financing plan will consist of the following:
• Down Payments
• Interest Rates
You may not need to settle the entire bail amount. However, your plan must include a down payment. Under most circumstances, the down payment can be up to 15% of the initial bond. Your bail bond financing company can also make it negotiable.
The plan also involves installments that enable you to settle your bail in systematic monthly segments rather than everything at once.
Bail bond financing, like loans, offers interest rates that vary from one firm to the next. Take time to find low-interest companies. Most importantly, remember to formulate a diligent repayment method. If you choose the wrong one, you risk getting financial harm on your side.
Who is Eligible for a Bail Bond Financing Plan?
An agency can determine if you are eligible for a financing plan based on numerous factors including:
• Your criminal history
• Credit rating
• Ability to settle the loan
• Credit rating of Co-signer (when applying with another party)
In other companies, you can apply for bail bond financing services based on:
• Employment status and history
• Open checking account
Work with a Bail Bond Financing Agency
What if you cannot pay the bail on your own? Bail bond financing agencies are private lenders who can help you. You sign a financial agreement with the company. In return, they cater for bail payments for the defendant.
If a person you care about is in lockup, you can be frantic about getting them out. Under most circumstances, the process involves undertaking a bail bonds loan process. A credible bail bond payment plan from a reliable agency might be a great way to relieve the stress.
Before you sign the agreement, it is crucial to understand that it is a financial obligation. So, if the defendant fails to appear in court for trials and hearings, the court will revoke the pledge. Thus, finding a bail bond agency that offers flexible repayment options with low interests is vital.