Despite being a relatively well-known service, many things still need to be clarified about bail bond loans and how they work. Many people assume that bail bond loans are the same as regular loans, but this couldn't be further from the truth.
Misconception #1: Bail Bond Loans Are the Same As Regular Loans
Bail bond loans help those who cannot afford to pay the total bail upfront. Unlike regular loans, used for any purpose, you can only use a bail bond to pay bail. However, this also means that the bail bond service has limitations regarding what they can do, such as only being able to charge a fee set by the state where you reside.
Misconception #2: Bail Bond Loans Are Only for Guilty Parties
Another common misconception about bail bond loans is that they are only for guilty defendants, which is untrue. Bail bond loans are available to anyone who needs them, regardless of whether they are innocent or guilty.
They are to help people who cannot afford to pay the total amount of bail upfront, irrespective of their guilt or innocence. When you are innocent, there is all the more reason to be bailed out of jail because you shouldn't have to remain in prison when you haven't done anything wrong.
Misconception #3: Bail Bond Loans Are Too Expensive.
Some assume that bail bond loans are too expensive and not worth the cost. While it is true that there are fees associated with bail bond loans, these fees are often much lower than the cost of paying the total amount of bail upfront. In addition, many bail bond loan providers offer flexible repayment options, making it easier to repay the loan over time. The bond service posts bail and is reimbursed after you attend the trial.
Misconception #4: Bail Bond Loans Are Only Available to People with Good Credit
Another common misconception about bail bond loans is that they are only available to people with good credit, which is not true. Bail bond loan providers understand that many people needing their services may have poor or no credit.
As a result, they often offer loans to people with less-than-perfect credit. Under these circumstances, you may receive a bail bond loan by using collateral such as a deed to your property, the deed to your car, or valuable jewelry. Then, you won't have to spend any more time in jail.
To learn more about bail bond loans, contact a bail bonds service in your area.