What They Don't Want You To Know About Bail Bond Loans
Court appearances are daunting for everybody. And to add insult to injury, there's an unforeseen monetary figure you're expected to pay so your loved one doesn't go to jail.
Thankfully, bail bond loans are here to alleviate the financial stressors of the process. They secure the defendant's freedom between court dates without you having to pay out of pocket, keeping everybody as relaxed as possible through this trying time.
However, it isn't all sunshine and roses. We'll take a look at the good and the bad side of bail bond loans before offering an alternative solution.
How Bail Bonds Work
Once arrested, the individual is given a hearing date and a bond amount, leaving themselves, their friends, or their family to pay for their freedom between the initial arrest and their court date.
If you can't afford to pay the bond, you can take out a bail bond loan through a dedicated agency to cover the costs, freeing your loved one from jail.
Of course, you're subjected to potentially high interest rates and the financial obligation of sticking to the loan's repayment plan.
The Benefits Of Bail Bond Loans
Naturally, there are a few benefits to taking out a bail bond loan to prevent your loved one from spending unnecessary time in jail.
The advantages are as follows:
1. Cheaper Than Cash Bail
Bail bond loans tend to be much cheaper than paying the cash bail in the moment.
You should consider these loans as a type of emergency financing. So, if you can't afford to stump up the cash, taking out a loan is preferable to letting your family member or friend stay behind bars.
Just remember that you'll be responsible for repaying the loan in full plus interest.
2. A Myriad Of Payment Options Available
A bail-specific loan lets you pay off your loved one's bail in smaller installments, rather than trying to come up with potentially thousands of dollars at the drop of a hat.
With that said, always read the fingerprint. Every bail bond loan lender has its own interest rates and repayment schedules that you must be aware of before agreeing to the loan.
3. Jail Release
Jail isn't a nice place to be, so acquiring a bail bond loan can ensure your friend or relative doesn't spend too long in a cell.
The lenders work quickly to give you the money needed to secure release. It's a near-foolproof way to post bail in a hurry.
4. Always Available
The final plus point is the fact they're available 24/7. Therefore, it doesn't matter what time you need to post bail, you can get a loan in a matter of moments.
The Drawbacks Of Bail Bond Loans
What comes up must come down, and thus you can find the things they'd rather you didn't know about bail bond loans below:
1 Non-Refundable Bond
When you pay the bond yourself, you get the money back once the defendant turns up for their court date. But when you use a bail bond loan, you have to repay the lender, meaning you won't see that money again.
2. Not All Bail Agencies Were Created Equal
Find a bail bond lender you trust with decent terms — even if that means spending a bit of extra time researching. After all, some aren't as reputable as others.
Want An Alternative To Bail Bond Loans? Try A Title Loan Online
If you still need to post bail but don't want a bail bond loan, you can always get a title loan online from us at New Mexico Title Loans, Inc.
You don't need a good credit score, and you'll get anywhere from $300 to $10,000 in as little as 24 hours.
Just follow the steps below:
- Fill out our online form found on this website.
- Sit back and pick up the phone when one of our friendly loan associates gives you a call. At this point, they aim to clear up your initial concerns, ensure you have the required items, set up a meeting location, and define the process.
- Wherever you choose to meet our loan associate, head there with your state-issued photo ID, lien-free title to your vehicle, and your car, truck, or van.
- Upon your arrival, one of our loan experts will examine your ID and title before conducting a quick five-minute inspection of your vehicle to establish whether you qualify for approval.
- If you do get approved and you're happy with the amount we offer, you'll finish the paperwork and receive the money you need on the same or the very next business bank day.
Get A Title Loan Online With Us Now!
Now that you understand the pros and cons of bail bond loans, you are equipped to make this important decision. And we know that having someone you care for in jail can be an urgent situation. That’s why we are glad to say that you can use our title loans as bail bond loans in just 24 hours by filling out our form right now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.