What is a Bail Loan?
Legal proceedings of a court can often leave you financially troubled with the issue of bonds.
If you are accused of a crime and are taken into police custody as a suspect, you’re bound to appear in court for your trials. Although, you do stand a chance to exempt yourself from the cells by applying a plea for bail, you may not have the money to pay for the bond that the court demands.
The court or the authorized entity may demand for a bail bond, cash bond or any other form of bond that acts as a collateral against you and allows you partial freedom during your bail period.
What is a Bail Loan?
In such circumstances, it is quite difficult for the defendant to pay the amount of the money desired by the court. Also, you may find difficulty in getting a loan for the successful payment of the bail bond as well. A bail loan, relieves you from this stress.
Whether you are in need of a certain amount for posting your own bail or you are willing to take a loan for bailing your loved one, a bail loan would help you in easy access to the amount of money that you need to pay for the bail bond.
Why Do You Need to Opt for a Bail Loan?
A bail loan is certainly not something that you would opt for in general. So why do you need to opt for a bail loan and when should you opt for it are crucial questions. Statistics of surveys suggest that often 90% of suspects plead guilty if they are not able to arrange for a bail whereas, only 40% of the suspects plead guilty if they are able to pay for a bail.
The data clearly shows that often people who are in need of a bail and are more than often poor or innocent end up pleading guilty due to the lack of adequate finances required to pay for the bail bond. However, you might think of opting for a regular loan, but is it going to help you?
Time Period for Bail
It is surprising to face the reality with the fact that any regular organization would not give you a loan or may pose a complex structure for loans when you need it for legal proceedings, especially for a bail. The general time period between an arrest and a trial is generally of fifteen days which would sufficiently cause considerable trouble with your school or work. Moreover, if you are taking a loan, the lender would require you to have a job and be of an age of at least twenty-one years.
Bail Loan from Family or Friends
The other feasible ways would be to approach a friend or a member of the family who would lend you with the desired amount. Reality is harsh though, as most people do not want to indulge themselves with cases that deal with such circumstances. If you do not have a friend or an acquaintance from whom you can borrow the money, you would rely on selling your property to arrange for the bail bond. Hence, all of these ways are going to cause you with undesirable hardships and a more complex situation for you to deal with. If you come to face with such circumstances, a bail loan is best and easiest solution for you to avail.
Working With Bail Bondsmen
There are agencies or organization that act as bail bondsmen who offer you with the help of paying for your bail fee. Most of these agencies or organizations do not charge an interest for the financing. However, it is likely that they may charge minimal fee for the extra paperwork, the man-hours and for the amount of risk they take when financing for your bail.
Bail Loan May Require a Co-Signer
In certain circumstances, the bondsman may require for a co-signer on your behalf. Why is this so? Bail jumping or bail skipping is a situation that these bondsmen often face with, hence, if they have paid a considerable sum as your bail bond payment to the court, then they are likely to experience huge financial losses. A co-signer on behalf of the defendant, helps them to ensure that if such a situation could be averted and if it arises, the co-signer would be able to compensate for the losses.
In every way thus, a bail loan is suitable for both the defendant and the agency, although more for the defendant. If you’re likely to find yourself in such a situation, a bail loan is the perfect idea.