A Closer Look At The Financial Side Of Bail Bonds: 3 Facts You Should Know

 A lot of the information you will find about bail bonds focuses on the fact that these bonds can be obtained and posted 24/7 to allow for the fastest possible release of your loved one from police custody. While this information is certainly important, there is another side to using bail bonds that you should also be familiar with. This is the financial side of bail bonds. Below you can learn more about this important aspect of obtaining a bail bond and the three financial facts that you should know before using these services. 

Fact #1: There Is No Need To Have The Full Bail Amount When Applying For A Bail Bond

When a bail bondsman agrees to issue a bond on your behalf, they will essentially be extending you a loan. As a result, you will not need to pay the full amount of the bail upfront. Instead, you will be asked to pay a fee that is equal to a percentage of the bond amount. This fee will need to be paid before the bond can be issued. 

Fact #2: You Do Not Make Payment Towards The Bail Amount When Getting A Bond

When you pay cash to bail someone out of jail, you can get your money back from the court as long as your loved one makes all of their court appearances. Many people simply assume that it works the same way when obtaining a bail bond and that they will be able to get any money back that they put down upfront. This is not the case. The reason for this is that you are not making any payment towards the bail amount when you apply for a bail bond. Bail bondsmen simply use the bail amount to determine your fee since the larger the bail amount is, the more risk the bondsman is taking by issuing a bond. This fee is completely nonrefundable even if your loved one makes it to all of their court appearances. 

Fact #3: You Can Be Held Liable For The Full Amount Of The Bond And Any Fees

As with any loan product, you will be required to sign a promissory note when obtaining a bail bond. This legal document makes you responsible for paying the full value of the bond if your loved one violates the terms of their release. You can also be held responsible for covering any costs that the bondsman incurred when trying to apprehend your loved one and return them to custody. It is important to keep this fact in mind when deciding whether or not you want to bail someone out of jail. 

To explore more on bail bonds, contact a professional near you.