Facing a criminal arrest is a stressful experience, and the financial burden of posting bail can make things even more challenging. Many families and individuals struggle to post the total bail value upfront. Fortunately, these families can turn to bail bond companies for help. Bail bond companies make posting bail more affordable, including offering bail bond payment plans to reduce financial strain. This blog explores bail bond payment plans, explaining everything you need to know.
An Overview of Bail Bond Payment Plans
Bail bond payment plans are a way of financing bail. They allow clients to post their own or their loved ones’ bail over a specified period, rather than making a large one-time deposit. These payment plans are ideal for parties that cannot immediately access the total bail value but require a means to post bail quickly and secure their freedom. Bond companies provide structured payment plan options to help alleviate the financial burden.
How They Work
Securing a payment plan from your preferred bail bonds company generally involves these steps:
- Contacting the bail bonds company. You or your loved one will contact a bonds company that offers affordable bail options and flexible payment plans.
- Financial consultation. The company will review your or your loved one’s financial status and situation to develop a suitable payment plan structure.
- Agreement and initial payment. The bondsman will prepare a contract and a bail bond application, which you or your loved one should sign. Then, they will require you or your loved one to pay a percentage of the premium upfront before they post bail on your behalf. The premium is usually ten percent of the entire bail amount. Without a payment plan, the bondsman will need you to pay 10% of the total bail value upfront before posting bail. However, with a payment plan, you will only pay part of the ten percent upfront and pay the rest over a certain period by making monthly payments. Note that the 10 percent premium is non-refundable even if you win your case, as it is the company’s fee for their service.
- Posting the bail amount. The bail bondsman will then deposit the entire bail value with the court, permitting you to secure your release.
- Ongoing payments. You or your family will make routine payments per the agreed-upon schedule until the balance is fully paid.
Bail Bond Payment Plan Options
At your court arraignment, the judge will set your bail amount with the help of a bail schedule. They may adjust the amount based on the severity of your charges and other elements surrounding your case. Bail can be expensive. The judge can set the amount at thousands or hundreds of thousands of dollars. In this case, you can hire a bail bond agency to pay the bail amount for you. However, even if that is the case, the 10 percent premium could still be a lot to raise within a short period.
Luckily, some bond companies allow the negotiation of a favorable bail bond payment plan. As explained earlier, the plan will enable you to pay part of the bond fee upfront (down payment) and then pay the remaining amount in installments until the payment is complete. Being able to pay a down payment increases your odds of qualifying for a payment plan.
Other facts that may affect your qualification for the payment plan include the following:
- The length of time you have legally stayed in the jurisdiction
- Your employment record
- Availability of cosigners for your bond
- Your score on credit
- Your capability to pay
- Your arrest record
- Your alleged crime
If you are a cosigner, the bondsman will consider your employment, credit score, capability to pay, and the assets you possess to establish whether you can cosign for the accused.
Your bond company can offer various payment plans that provide affordable bail options. Some of them include:
$500 Down Bonds
If your bondsman offers you a $500 down bail bond, you must deposit five hundred dollars of the bond fee upfront. Once you pay this amount, the bondsman will travel to the court to post the total bail value. This option provides individuals without financial means an easier way to secure a jail release quickly, allowing them to prepare for their case while free.
The $500 down payment with this payment plan is constant, irrespective of your total bail amount. If you are above 18, you can qualify for this plan, provided a co-signer guarantees that you will make court appearances as required.
1% Down Bonds
When your bond agency offers you a 1 percent down payment surety bond, you pay 1 percent of the 10% premium before the bondsman can post your entire bail with the court.
If, for example, the judge has set your bail amount at two hundred thousand U.S. dollars, the bond agency will require you to pay a 10% premium for their service, which is $20,000. However, if the company considers you for this payment plan, you pay $200 before the bondsman posts bail. You will then pay the remaining $19,800 in installments.
2% Down Bonds
The 2% down payment bond is another payment plan you may explore. In this plan, you pay only 2% of the bond premium. When you leave jail, you or your cosigner must pay the remaining percentage of the premium in installments as you agreed with the bond company.
0% Down Bonds
A no-money surety bond is a highly convenient payment plan. Here, you still have to deposit the premium for the bond service. However, the bondsman will go to post your bail amount even before you make a down payment on the 10 percent premium.
The 0% down payment plan enables low-income defendants to secure their jail release fast and avoid unnecessary jail time. Some requirements to qualify for a no-money-down payment plan include the following:
- You should have a clean criminal record. To qualify for this payment plan, you must be a first-time offender with no prior conviction or arrest record.
- You must have a minimum of two cosigners. A cosigner will assume the financial responsibility for your bail bond if you fail to make the necessary payments. Before opting for this payment plan, ensure you have a minimum of two cosigners with perfect credit scores and impeccable proof of income.
- You should be a legal California resident. Bail bond companies will only grant you this payment plan if you are legally in California and a resident. So, if you come from another state and have been charged with a crime in California, you can benefit from other options for financing bail.
- If you qualify for a 0% down payment bond, the bondsman will require you to deposit up to three percent of the bond fee within 10 days of your release. You can divide and pay the balance in 12 monthly installments or fewer. If you fail to comply with this condition, the bond company can revoke your bond, and you will be rearrested.
Some factors to consider when seeking to enter a payment plan for your bail bond include the following:
- The bond company will still need you to comply with the payment plan and pay the bond premium even if the police rearrest you while out of custody on bail
- Should you miss making a payment, your indemnitor will assume the responsibility for the bond premium
- Ask about the payment methods that the bond company accepts to avoid making payment mistakes
- Consult your bondsman anytime a problem or concern arises
- Ensure you make the necessary payments promptly to prevent the bond agency from canceling your bond, which will lead to the likelihood of being rearrested.
- A bond payment plan resembles a loan; interest rates might apply. Thus, before enrolling in one, ensure you and the bondsman have discussed the applicable interest rates.
A down payment shows your commitment to pay the outstanding amount once it is free. You can pay the down payment using a credit card, cash, check, or any other payment method the bond company accepts. A payment plan may include additional costs, usually outlined in the bond agreement. You should read the contract carefully before signing to ensure you understand the responsibilities associated with the payment plan.
Collateral As Security
If you enter a payment plan, bond companies typically request collateral to secure your bond. In this case, collateral refers to any valuable property the bond company can sell to recover the premium if you fail to make the necessary payments.
Additionally, the company may request that you provide collateral to secure the full bond value, which will be posted on your behalf. If you fail to appear in court and the bond money is forfeited, the bondsman may sell the collateral to recover the amount. Common types of collateral that companies across California accept include the following:
Real Property
Real estate is one of the most prevalent types of collateral that bail bond companies accept. When you give real property, the agency places a lien on it and will lift it if you have made all of your court appearances and the court has exonerated your bond. The value of the real estate you must provide will vary based on whether you are likely to flee the jurisdiction.
Brokerage Accounts
A brokerage account holds assets like foreign exchange, bonds, and stocks. You can present your brokerage account if you lack an asset to place as collateral. Here, you offer your investment to the bond agency or ask that the court issue an irrevocable line of credit.
Credit Cards
At times, bond companies accept credit cards for collateral. This entails providing the value of your credit card as security for your bond premium. The bondsman will then charge the credit card for the remaining premium amount if you fail to make the required payments. However, credit cards are only acceptable as collateral for smaller bail amounts.
Personal Assets
You can use your personal items without brokerage accounts or real estate. This may include vehicles, electronics, collectibles, or pricey jewelry. Before presenting them to the bond company, you must prove their worth and ownership.
Advantages of Bond Payment Plans
Entering a payment plan comes with several key benefits. These include:
- Low upfront payments. Many bail bond companies offer low down payments. This makes it easier to begin the surety bond process.
- Faster release. A bond payment plan will enable you to secure your release without straining to come up with the entire bail amount upfront.
- Financial flexibility. You can divide payments into affordable installments rather than paying the whole bail value upfront.
- Customized terms. Bail bond agencies can tailor payment plan schedules to fit the accused’s financial circumstances.
- No credit check options. Some bond companies offer payment plans without conducting a credit check. This makes the payment plans accessible to many people.
Selecting the Right Bond Company
When selecting a bond company that offers bail bond payment plans, consider these factors:
- Review and reputation. Look for a company with a compelling track record and positive client feedback.
- Clear terms of payment. Ensure the company provides explicit terms without excessive interest rates or hidden fees.
- Experienced and licensed bondsmen. Work with professional bondsmen who have in-depth knowledge of the bail process and legal system
- 24/7 service. Arrests can occur at any time. Therefore, choose a company that has round-the-clock operations
Find A Reliable Bail Bonds Company Near Me
If you wish to secure a bail bond to secure your release but cannot afford to pay the full premium upfront, you want to explore various companies’ available bail bond payment plans. At Balboa Bail Bonds, we can help you select a payment plan option that suits your financial needs. We will also help you secure a faster release from custody, allowing you to resume your daily activities. If you have been charged with a crime in any state in California, do not let financial constraints keep you locked up. Contact us today at 619-760-2222 to discuss a personalized payment plan tailored to your needs.