Bail is money paid by you, the arrestee, or a third party, tailored to guarantee that you will attend all arranged court dates. You must make the payment if you are to leave jail while your case is pending. Nevertheless, few arrestees can afford the hefty bail, translating to more custody time.
At the Bail Bonds Company, we provide financial support to persons arrested for various crimes. With our bondsmen on your side, you will resume your regular life and make all scheduled court appearances from home. We will reduce your financial burden and protect your loved ones from expensive loans through our various bail bond funding options in South Pasadena.
South Pasadena Bail Bonds Financing at a Glance
In Los Angeles County, you are presumed innocent when you face a charge for a crime. Nevertheless, the justice system is concerned that you will skip town once they allow you to exit custody. For this reason, courts implemented a bail system that enables arrestees to obtain pretrial release once they deposit the total funds set by the court. Most defendants find the bail figure expensive to consolidate.
If your bail is expensive or paying for it will leave you without food, you can lessen the financial pressure through surety bond financing. Your surety bond service should provide you with unique financial strategies. The objective is to support you in regaining your freedom before trial without overspending. You do not have to sell your property or assets to leave jail. Bond financing can help you acquire a prompt jail release. Your bondsman will only require you to pay a trivial premium fee, usually 10% of the bail sum, and they will handle the rest.
A reputable South Pasadena bail bonds service will establish a trustworthy relationship that enables them to prioritize needs even when you do not have the fees to pay for the services. Once out on bail, you can put your finances in order and start paying small installments until you clear the amount you owe.
Stages of Bond Financing in South Pasadena
Before approaching your South Pasadena bail bonds service to seek financing, you must understand their terms. Do thorough homework by researching the company and asking questions where clarification is needed. With adequate knowledge of the financing phases and options, you can amicably enter into a contract and obtain the financial support you need to exit jail. The steps involved in bond financing are:
Making a Down Payment
Your South Pasadena bail bonds provider will require a deposit before they can start your pretrial release procedure. However, if your bail is in the thousands of dollars, 10% of the amount can be too high for you to afford. Your bonding service should be willing to reduce the deposit. Then again, they can revise the payment duration to give you more time to raise the money.
While the trial is pending, your release process will not commence until you make the deposit. Therefore, you should pay the funds to the bondsman after you have agreed on the figure because they could be handling several cases simultaneously and will prioritize the ones that are paid first, extending your jail stay. However, the company should be accommodating if you have valid reasons for delaying the payment.
For example, when the judge orders you to pay $100,000 as bail, your bondsman will need $10,000 as a fee to begin the procedure for your release while your trial is pending. If you cannot afford the $10,000, you can negotiate with the bonding service to pay $5,000 as a down payment and clear the balance in installments over an agreed-upon duration.
Once you are out on bail, your bond financing contract will still be active. You must complete the premium balance by making installments as agreed before. Also, the bail bonds service has posted a hefty bond on your behalf. And because you have not put up collateral to secure their funds, if you miss court, they will require you to repay the bond by making regular installments.
Your bondsman will have a unique installment payment mode. So, do not expect your contract to be the same as those of other companies. In most cases, you must make scheduled installments of a particular amount to repay the bond or clear the remaining bonding service fee balance. If the monthly installments are not accommodating, you can negotiate for a more flexible repayment plan.
After the payment duration lapses, your financing agreement with the bondsman will be terminated. However, this can only happen if you both fulfill your contract requirements.
Paying the Interest
A surety bond is like a loan, and the money deposited by your South Pasadena bail bonds service accrues interest over time. If you have opted for bond financing, you probably do not have the collateral needed to secure the bond. Therefore, you must pay interest on the money the bondsman has paid on your behalf to allow for your release pending trial.
Talk to the bondsman you are considering hiring to finance your release to learn whether they charge interest on their bond. If they do, inquire about their interest rates to avoid future disputes when you are already in a contract. Apart from the interest sum, you want to know how long you can pay for it.
Eligibility for Surety Bond Financing
You should seek bond financing if you cannot raise the bond premium to be bonded out of jail. You will enjoy several benefits from the financing options, but they are only available to a few detainees. You must satisfy particular requirements before you can obtain the service. The conditions are necessary to ensure the company makes an informed decision and does not lose money when you cannot repay. The requirements are:
- Furnish the bondsman with your job details.
- Provide proof of your credit score rating.
- Offer the necessary account records.
- Have someone to guarantee the bond financing.
- Be of the required age.
If you satisfy this criterion, you qualify for financing, can be bonded out, and make payments later. The bail bonds provider will also need someone to co-sign your financing plan. If you are the co-signer, it is crucial to understand the requirements to know if you qualify to help secure your loved one's pretrial release.
One of the critical conditions you must meet as a co-signer is an outstanding credit rating. Proof of an excellent credit score demonstrates that your business has been doing well and can make the required installments until you clear the balance.
Your South Pasadena bail bonds provider also wants you to have an excellent employment history if you are to co-sign someone else’s bond. When you have retained your job for an extended period, the bondsman will assume you can take on the defendant's financial obligations if they default on the payments. It would help if you were careful of the responsibility you assume by becoming a co-signer and ensured that the person you were co-signing with was trustworthy to make payments and show up in court.
Also, you must have a clean arrest record. The lack of arrests shows that you are responsible and will work with the bond service until the close of the case.
Other conditions the bondsman can require you to satisfy as a co-signer are:
- You must be 21 or older.
- Retained an employer for at least twelve months.
- Have an open checking account.
- Earns a salary of $2,000 or more.
Failure to Repay the Surety Bond
Repaying the South Pasadena bail bond premium is critical. Most arrestees under bond financing comply with the agreed payments and clear their bond premium balances or interests on time. Nevertheless, the judge can order you to make payments within a certain time frame or face jail time. A few individuals delay installment payments or defect completely. If you fail to make payments as agreed or default, you will be sent back to police custody until the trial ends. The bondsman will cancel their bond if they are convinced you are arranging to go out of town.
Alternatively, the bonding service can sue you in court to force you to pay the amount you owe them. The judge can instruct you to complete payments within a particular duration or face jail time. Additionally, the court can order the seizure and auctioning of your assets to recoup their cash.
The work of a bondsman is not to sue you to compel you to make payments. They focus on helping defendants obtain pretrial releases. Therefore, if they have helped you secure one, ensure you comply with the contract terms.
And if you are genuinely struggling to honor your payments, talk to the bondsman on time to renegotiate the repayment terms. They can lower the rates or the monthly installments by increasing the repayment duration.
Surety bond providers value their relationships with customers and will not be quick to sue you unless they have exhausted other avenues for recovering their money. Therefore, be open to renegotiation and dispute resolution and agree with the company’s representative.
Discounted Rates for Financing Options
Your South Pasadena bail bonds provider will post your bail and then impose a premium fee for the service. The cost is usually 10% of the total bail. If the judge sets the bail high, the prices will be high, which could cause problems raising the funds to secure the bonding services. Luckily, if you work with an attorney, the bondsman will give you a discount. Additionally, when you can demonstrate your financial capability to make payments in installments, the service will agree to offer the financial support you require to exit jail before trial at a lower price.
Using a Loan to Finance your Surety Bond
Borrowing a loan from a bank or other lending institution to pay bail can put you in severe financial distress. Therefore, instead of borrowing or requesting a loved one to apply for a loan to foot your bail, you should ask a bondsman for a loan financing option.
A loan from a bonding service is better because you avoid repossession and the sale of your property if you default on loan repayment. Also, your credit score will remain sound even if you experience repayment problems, unlike with a bank loan, where your credit rating will be dented if you delay payments or default on the loan.
Obtaining a loan from your surety bond provider prevents many challenges that could extend your stay behind bars until a judge gives a verdict in your case. With a bonding service, you will not focus more on repaying the loan and will forget about attending planned hearings. Instead, a reputable bondsman will offer you flexible loan repayment terms. You will focus less on loan repayment and more time preparing for trial and attending hearings, increasing the chances of a favorable outcome during sentencing.
Zero Deposit or Down Payment Financing Option
Once you have obtained credit approval, your bonds provider will be more trusting because of your decent credit score. As a result, they will be willing to offer you friendly financing. Sometimes the judge can instruct that you post bond for your jail release. In these situations, you must deposit collateral with the court to ensure you show up for all set court dates. The bond figure is usually hefty because the court uses it as collateral to guarantee future court appearances.
However, if the court sets bail, you can talk to a bondsman about paying it in return for a small fee. When you compare the two—depositing collateral in court and using a bondsman, you will realize that you pay a small fee in return for freedom in a bail bond contract.
Therefore, when the court orders you to pay a bond, you should talk to a bondsman about a bond financing service. The bondsman will appear in court as your underwriter and post the required figure.
Even though bonds are hefty, your bonding service will offer friendly repayment plans with no down payment. Once you have regained your freedom and been reunited with your family, you can negotiate a repayment plan with the South Pasadena bail bonds service. If you lack alternatives to pay for the bond, then the zero deposit or down payment bond financing routes can answer your problem.
One Percent Payment for Surety Bond Release
When you have problems raising your initial deposit, you can talk to your bondsman about the 1% down payment financing route. Like the zero deposit, your bondsman reduces the required deposit to one percent to make it affordable. Once you have raised the figure, they will finance your release. After you have regained your freedom, you negotiate with the company for a flexible repayment plan.
Advantages of Utilizing Bail or Surety Bond Financing Routes
Generally, you can access bond financing if you are a Californian. You can derive several benefits from surety bond financing services. These advantages are:
Banks are generally stringent when lending money. Also, they expect you to commence repayments immediately after exiting jail without considering that you could have lost your job or that your business was not operating while in prison. Furthermore, they charge high-interest rates on their loans, making them expensive.
Nonetheless, when you partner with a reputable bondsman, they will provide flexible financing choices to give you control over your finances and reduce financial strain. With a bonding company, you do not need to forgo some basic needs to meet financial obligations. Repayment plans are flexible enough to help you meet your needs and afford a private attorney to defend you in court.
Collateral is Not Necessary
Many people in Los Angeles County do not seek South Pasadena bail bonds because of the requirement to put up collateral. The bond company requires you to place a valuable asset as collateral to secure the bond they posted on your behalf or to guarantee repayment of the premium fee. When you default on the payments or jump bail, they seize the collateral and auction it to recoup their losses.
Even though the model of putting up collateral is widely accepted, it puts too much pressure on you as you try to find money to make installment payments and protect your assets or property.
If your bondsman offers bond financing services, you do not need collateral to leave jail. Also, when you are not under threat of losing your property, it is easier to make installment payments.
Discounts are Available
If you meet specific requirements, the bondsman can offer you a significant discount on the premium. For instance, if you are a public employee, union member, or active military member, the bonding service will offer you a discount. Discounts are available, but you must contact the right bondsman to learn your options.
Court and Jail Information
South Pasadena Police Department
Find a Reliable Bondsman Near Me
Arrests can lead to tough times in jail, and if you cannot handle the new environment, the detention could throw you off mentally. So, you want to retain your freedom immediately. At the Bail Bonds Company, we can assist you in overcoming the financial challenges caused by expensive bail. Our team will utilize various bond financing services to secure your freedom. Call us today at 323-579-1415 for more information or to answer your questions in South Pasadena.