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Bail bonds are a tool that enables defendants to bust out of jail for a lower cost than paying the full bail amount. They can decrease total outlay by 90 percent or more.

Bail bondsmen provide bail bonds. The bail bond is a fee defendants (or their families and friends) pay to the bail bondsman in exchange for full payment of the bail on their behalf. Once the bail bondsman receives the money, they then transfer cash from their accounts to law enforcement, securing the defendant’s release.

Regular bail is a refundable deposit that defendants get back if they show up to court at the specified date and time. If they do not show up to court, they forfeit the bail, and law enforcement will issue a warrant for their arrest.

Bail bonds, on the other hand, are non-refundable. Bail bondsmen keep the money forever to cover their costs and risks. If the defendant does not show up to court, they use the money to retrieve them and ensure that they attend their hearing at the given date and time.

How much a bail bond costs depends on the value of the bail. Bail bonds are typically a fixed percentage of the bail, something which varies by state. In California, the law requires bail bondsmen to charge 10 percent of the bail’s value. For instance, if courts post a bail of $75,000, the associated bail bond will cost $7,500.

As you can see, even with the help of bail bonds, securing release from jail can be costly. Bail amounts are often significantly higher than the amount of cash that regular defendants have to hand.

In California, some bail amounts can be tremendous. Courts, for instance, may insist on bail in excess of $250,000 for defendants with a history of skipping court appearances or committing serious crimes. In these situations, defendants may have to pay $25,000 or more for bail bonds out of pocket (more than some regular bail amounts). 

Fortunately, if you can’t afford to pay bail, you have options. The first is to take out a bail bond. Here you call a bail bondsman from your police cell (or get a member of your family to do it on your behalf) and pay a fee. The bail bondsman will then pay the full amount of the bail on your behalf, allowing you to bust out of jail. 

This service is important because it can take weeks for your court date to arrive. During that time, you may not be able to work or look after children, disrupting your life tremendously. 

If you cannot afford to pay the bail bond, you can take out a bail bond loan. This way, you can spread the cost over several weeks or months until your court date. 

A bail bond loan is credit designed to help you pay for a bail bond. It is similar to a car loan. 

Here’s how it works: when you go to the bail bondsman, they will quote you a fee based on the value of your bail. For instance, if your bail is $50,000, your fee will be $5,000. They will then ask you to pay this amount. 

If you don’t have $5,000 in cash (or you’d prefer to hold onto your capital), you can apply for a bail bond loan. Here, a lender pays the bail bondsman in full (covering their costs) and then sets up a credit repayment agreement with you. You then pay back the value of the bail bond, plus interest, over several installments. Most defendants who choose this option continue working up until their court date, enabling them to pay. 

How much your bail bond loan costs depends on several factors, including your deposit, criminal record, and collateral. 

In most cases, you will need to pay some money upfront. For instance, if your bail bond is $7,500, you might need to put down 5 percent, or $375. However, in other cases, you may qualify for no-money-down financing where you only need to pay the first installment at the end of the month. 

When making bail bond loans, lenders will typically ask for collateral. These are assets they can seize if you fail to pay back the loan or can’t make installments on time. 

While this might sound like a bad thing, it actually reduces the price that you pay overall. If lenders have security, they can offer better rates. 

Some bail bond plans offer zero interest rates. This way, you may wind up paying less than you would if you took out a standard loan. 

You may also pay less for your bail bond loan if you qualify for a lower-cost bail bond. For instance, ex-military service personnel and union members may qualify for lower-cost bail bonds. 

You can get a bail bond loan from your bail bondsman. Most provide bail bond loan services over the telephone or online. Simply tell the bail bondsman that you’d like them to consider you for a loan and they can begin the application process.

Lenders approve bail bond loans after considering your application. In most cases, this occurs instantly and you may get the financing that you need straight away. However, in other situations, you may need to complete additional paperwork. 

Fortunately, most bail bondsmen have services that let you complete all the necessary paperwork online. Additionally, they may be able to fill out critical information for you as part of their services. 

Bail bonds get approved the moment the lender believes you are creditworthy. If they expect you to repay the loan, they will make it. 

If you are applying for a bail bond loan, it helps to have good credit. Lenders look for individuals with a history of consistent repayments. However, you can still get bail bond finance even if you have bad or no credit at all. 

To do this, you’ll have to offer collateral – an asset you will forfeit if you fail to repay the loan. It helps lenders feel confident lending to you, even if you’ve missed loan repayments in the past. 

The asset you choose depends on the terms of the bail bond loan. Many lenders will ask you to put up your property as collateral, but you can offer other assets as well. 

When you’re stuck in a jail cell, you want bail bond loan approval as fast as possible. Fortunately, many bail bondsmen provide instant online approval for qualifying defendants, meaning you could get out of jail immediately. 

However, in some rare cases, you might not be able to secure a bail bond loan straight away. In these cases, bail bondsmen will assist you with any additional paperwork you need to complete to access a loan.

How much interest you pay on a bail bond loan depends on state laws. In some states, it is illegal for bail bondsmen to charge interest on any of their services. In California, for instance, bail bondsmen charge 0 percent interest for financing. 

Due to 0 percent interest rates, lenders protect themselves with stringent lists of eligibility requirements. They may explore your arrest history, your ability to repay the bond, credit score, and employment history. For instance, if this is your first arrest, then lenders will consider you lower risk and be more likely to lend to you. Likewise, if you have a higher credit score and better employment history, lenders have more confidence you are able to pay back the loan. 

Depending on the lender, you may need to meet additional eligibility requirements. For example, bail bondsmen may ask you to have an open checking account and be able to earn above an income threshold (say, $2,000 per month). 

Having a co-signer helps even more. Here, someone promises to pay the bail bond loan on your behalf if you fail to pay. If this person has an excellent employment track record and a good credit score, you are considerably more likely to get finance. 

Most bail bond loans are secured against your home. If you fail to repay them, the lender can recoup the costs by selling your property and handing any remaining equity back to you. 

However, some defendants don’t want to risk their homes. If that sounds like you, you may be able to get a title loan. Instead of putting your home at risk, this type of loan establishes your vehicle as collateral instead. If you fail to pay back the loan, the lender can repossess it.