Some bail bond places are now offering payment plans for the premiums for bail bonds. The premiums, the percentage of the bond you pay to a bail bondsman, can still be a financial shock, and if you don't have much in savings, turning all that over to the bail bondsman can be frightening. A payment plan can be a good compromise in some cases.
It's Beneficial When You Have No Other Option
Obviously, if you don't have the money for the whole premium now and don't feel comfortable using your car or another valuable item as collateral, a payment plan is really your only option. And it's one to definitely be grateful for as not every bail bond place offers them. Make sure the interest is low, the payments are affordable, and the length of the plan is as short as possible.
Having Savings Versus Paying Interest
Let's say you have just enough money in your account to cover the bail bond premium. Do you empty your savings and pay, or do you grab that payment plan and keep a safety cushion for yourself in your account? If your income is pretty good, and you think you'll have more money for your savings in a couple of weeks, paying the premium now and not having interest tacked on is doable. But if your income is just enough for you, and that savings is there because your income situation is precarious, the payment plan is better. Even if you have to pay interest and the monthly payments out of those very savings, you'll still have a remaining cushion of money to protect yourself should you face an emergency as you make the payments.
Getting It Over With
For many people, though, getting the premium payment over with in one lump sum is psychologically easier. Paying a premium for a bail bond for someone who's gotten into a terrible situation is hard enough; why drag out the payments if not necessary? If you can afford to pay the premium in one go, even if it's very hard for you, that may be a better choice in the long run. Do keep in mind the risk of the defendant skipping bail, so don't use anything you can't afford to lose. And, you may want to crowdsource a bit among your family if you're truly at the financial edge.
If you go to a bail bondsman and find out the premium for the bail bond will be either just out of reach or very hard for you to come up with, a payment plan may bring a sense of relief. But before accepting, be sure that's something you actually want to take on. It could be worth it as it keeps your loved one out of jail. But it has its risks, too, and you need to be sure you want to take those based on who you're bailing out.
Contact a service provider to learn more about bail bonds.
Share8 November 2022
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