August 18, 2016

Financing and Payment Options for Bail Bonds

We provide financing and payment options for all credit scores and income levels. Continue reading for more information about the available options, or give us a call to discuss the best option for you and your unique situation. Calling an agent is the fastest way to get the answers you need.

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Ways to Get Discounted Bail Bond Rates

The standard bail bond rate is 10% of the full bail amount. But, if you meet any of the following qualifications, you may be able to get an 8% rate:

  • You or a family member is in the military
  • You have retained a lawyer
  • You are a Union Member

Payment and Financing Options and Plans

It can be difficult to come up with enough collateral to secure a bail bond, or pay the full 10% rate. Don’t give up: Call us, and one of our experienced financial experts will work with you to find a solution so that you can get your loved one released. Here are a few of the options we provide:

  • Pledged Stocks and Bonds: You can pledge stocks and bands to secure the bond. Also accepted are trust accounts (for some surety bond costs). In some cases, the bonding company can qualify the funds so that the defendant can be released on bond even before the actual funds are generated.
  • Promissory Note: Promissory notes may also be accepted to pay the 10% fee. Repayment can either be monthly amounts, or using another schedule.
  • Government Pay Services (GPS): GPS is a fast way to get money to pay the bail bond fee. This solution, for small bail bonds, can be done quickly – all you have to do is go online, fill out the form, and use your credit card.
  • American Express Concierge Services: The travel division of American Express is called Global Express. If you have an American Express card, the cardholder can call and they will transfer funds quickly.
  • Whole Life Insurance Policies: Also accepted to pay the bail bond fee are pledges against trust accounts.
  • Car Title Loans: This option is only up to $50,000. The best lender is found in order to pay the bail money. You keep your car. This option is for loans from $2,600 to $50,000.

Large Bail Bond Options

For larger bail amounts (up in to the millions), a specific set of ratios and required standards must be met by the courts and bail bond companies. Any combination of property, money, and other assets will likely be used for such a large amount.

The 1275 Hold: More Information

A 1275 hold is a hearing where the court holds a formal court proceeding, where the source of the funds being used to post bail are examined. In some cases, courts deny funds, but in our experience at Cherry Bail Bonds, denial is rare. Each circumstance is different, however, and will be treated accordingly.