Have you ever bailed someone out of jail? If so, you might understand the process. If you have not done this, you might have questions. You can bail someone out of jail if the court places this option on an inmate. If the court decides not to offer a bail option, you cannot bail them out. When you begin working on helping someone get out of jail, you might wonder about your options and how they work. Getting a bail bond loan is one option, and here are some details to help you know how these work.
A Bail Bond Loan Comes From a Bail Bond Agent
If you have a lot of cash to use to bail a person out of jail, you will not need a bail bond agent. If you do not have enough cash, though, you should contact a bail bond agent. Bond agents are in the business of helping people get out of jail by offering loans. The loans occur when someone needs help with their bail bond. The person calls the bond agent, and the bond agent works out a deal.
The deal requires the bail bond agent to pay the bond at the jail. Once this occurs, the jail must release the person. This event initiates the loan.
The good news is that you can get a loan like this for a small price. The bond agent charges a fee to issue the loan. You can expect to pay around 10% of the bail bond cost for the fee. You will not get the fee back, as it is non-refundable. You cannot take a bail bond loan without paying the fee, though. However, you can pay the fee with collateral instead of cash.
You Do Not Repay the Loan Unless the Defendant Breaks the Bail
The other good news is that you do not repay the bail bond loan unless the defendant fails to follow through with the bail and court requirements. If the person follows through, the court refunds the bail money to the agent that paid it. When this occurs, it settles the loan. If the court does not refund the money, it is because the defendant failed to show up for court. In this case, you will owe the full balance of the bail bond loan.
Do you have questions about this process? If so, you can learn more by talking to a bail bond agent at a company like Affordable Bail Bonds.