Solidifying A Better Future For My Kids
4 Ways To Pay The Bail Bond Fee When You Do Not Have Cash
Jackie Watts
Many people understand that bail bond companies typically require an upfront fee to secure their services, and this fee is often somewhere around 10% of the total bond value. What is less commonly known is that if you do not have this amount in cash, it does not mean that you cannot secure a bond for release. Many bail bond agencies offer several different options when you do not have the necessary cash on hand.
1. Payment Contract
A common option is a payment contract. With this option, you sign a contract with the bail bond agency for a payment plan. Depending on the size of the bond, the contract can be for as short as a few weeks or for months. As long as you make each payment on time, the fee is considered paid.
2. Car Title Loan
If you have a car that is lien-free, you can get a loan for the value of the vehicle to cover the cost of the bond fee. However, while you get to keep the car in your possession, you will be required to hand the title over. Additionally, you will be required to provide paperwork to ensure you are the certified owner of the vehicle.
3. Cash Advance Loan
If you are in between paychecks and you only need a few days to come up with the money, you may have the option to secure a cash advance loan. A cash advance loan value is based on your earnings, so you will need to provide a paycheck stub to verify that you have the income to pay back the loan on time.
4. Life Insurance Policy
If you have a whole life insurance policy, you may be able to use the insurance policy as somewhat of a form of collateral until you can come up with the funds. For this method, the bail bond agency will put something similar to a lien on the insurance policy for the value of the fee. When the policy is paid, the bond agency is paid the value of the lien before your beneficiary. Once you pay the fee, the lien is removed from the policy.
If you do not have the money upfront, the best thing for you to do is to speak with a bail bond agency. An agent can let you know what options their agency offers and help you set up the agreement to secure the release as quickly as possible.
Visit this site for more information about bail bonds.
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One day a few years ago, I was forced to take a good, hard look at my finances. I realized that my husband and I were living outside of our means, and I knew that we needed to make some changes and fast. I started looking for ways to spend less money, and I was able to completely eliminate some of our largest expenses. It was a lot of work, but it really helped us to feel more free financially. This blog is here to help other people to spend a little smarter and to avoid the hassles that come along with spending more than you have.