Key Takeaways

  • Bond can be expensive but emotionally necessary for all parties
  • Bail bonds and loans are not the same thing, but you may need both
  • Bail bond is usually 10% of the court-appointed bond amount
  • Title loans, credit cards, payday or personal loans may help with bond

Discovering a loved one is in jail and needs help with bail is scary. It can be even more devastating if you don’t have the money available. You can’t fathom the thought of leaving your loved one in jail, so it creates both emotional and financial problems for you.

Fortunately, there are loans for bail bonds to help you get your loved one out of jail.

Good to Know: How a Bail Bond Differs From a Loan

A bail bond is a legal obligation between the bail bondsmen and the defendant. The bail bondsmen guarantees the defendant’s appearance in court for a premium, usually 10% of the court-appointed bail, plus collateral. Unlike a loan, there aren’t any required payments, but if you don’t follow the court orders, you could lose the collateral you used for the bail bond. 

What is Bail, and How Much Will You Owe?

Bail is the money a person must pay the court to get out of jail between arrest and the trial date. A bail bond has conditions, including agreeing to appear at all court dates and following all restrictions, such as not leaving the state.

The upfront bail amount can be high. The median bail for a felony is $10,000, but each case differs. If you pay the bail in cash upfront, you receive the full amount back, regardless of the case outcome, assuming you followed all requirements.

What is Bail Bond?

Since bail is so expensive, sometimes a bail bond is a better option. With a bail bond, in many cases, you pay the bail bondsman a fraction of the court-appointed bail and put collateral equal to the remaining amount.

For example, imagine your loved one’s bail was set at $10,000. The bailbondsman requires a 10% premium. This means you must come up with $1,000, plus the collateral to guarantee the remaining balance. So you need collateral worth at least $9,000 if the defendant doesn’t appear in court. If the defendant follows the court’s requirements, you don’t lose your collateral but don’t get the $1,000 premium back. The other option is to get emergency financing to cover the bail cost in full. If the defendant attends the court dates, you’ll receive it back.

The key is finding the option that provides bail bond loan funds the fastest while also being the most affordable funding during this stressful time.

What is Bail Bond Financing?

Since bail can get quite expensive, it’s common to need bail bond financing or a loan to cover the cost of getting your loved one out of jail. You can repay the loan and end the interest charges since you’ll get the bond back after the court hearing. In the meantime, you must ensure you can afford the monthly payments.

Types of Bail Bonds Loans

Like any financial concern, there are several ways to get the money needed to post bail. Here are the types of bail bond loans to consider:

  • Credit card: If you have a high enough credit limit, you can use a credit card to pay bail. Just be careful of the high-interest rates credit card companies charge, and remember, if you only make the minimum payments, the interest will accrue quickly.
  • Car title loan: If you own a car without any liens, you may be able to borrow against it, using the car as collateral. Online title loan lenders offer loan amounts up to $50,000, but you may pay an interest rate as high as 60% – 175%, so the cost can add up fast. The good news is you get to keep your car with a car title loan, as long as you make the payments.
  • Personal loan: Depending on your credit, you may be able to borrow an unsecured personal loan from a bank or online lender. You don’t have to disclose how you use the funds; many financial institutions fund these loans quickly.
  • Payday loan: If the bail bond is low, you may be able to borrow a payday loan if you’re between paydays. These loans are due on your next payday and charge as much as a 400% APR. Only use this option if you can repay it on your payday.

Can you Use a Title Loan for Bail Bonds?

You may be able to use a title loan for bail bonds as long as you meet the title loan requirements. There aren’t restrictions on how you can use the funds. The key is proving you can afford the loan and have enough collateral in the vehicle used to borrow the money.

How to Qualify for a Title Loan for Bail Bonds

A title loan may be a good option if you’re looking for a way to get quick money for bail bonds, even if you have bad credit. The application process is fast and online, and in many cases, you can receive funds the same business day to help you get your loved one out of jail.

To Determine if you Qualify, Follow These Simple Steps:

  1. Apply online

You will answer a few questions about your financial needs, where you live, whether your car is paid off, and your personal identifying information.

  1. Get your offer

Within a few minutes of applying, you should receive an answer regarding your approval. If given options, compare the APRs, loan amounts, and terms to see which satisfies your urgent financial need.

  1. Upload documentation

To finalize the loan, you must upload documentation proving you can afford the loan and your identity. This includes pay stubs, W-2s, bank statements, and government-issued ID.

  1. Provide pictures of your car

Since your car is the collateral, you must provide pictures of the car’s interior and exterior and the VIN and mileage. You must also supply your car’s title.

  1. Receive funds

If approved, you can receive funds within a few hours to help your loved one get out of jail quickly.

Final Thoughts

Dealing with bail and bail bondsmen is stressful enough. The last thing you need is to worry about where you’ll get the funds to help your loved one. While you have many options to satisfy this urgent financial need, knowing how quickly you’ll get the funds and what it will cost is important. If title loan financing is something you want to explore, apply easily from the comfort of your home or call us at 800-700-8900 to learn more.