Misleading Myths About Bail Bonds
Posted on: 28 September 2021
After being arrested, it may be possible to post bail so that the defendant can leave jail until their trial. While this is a common practice, there are many people that will let inaccurate myths about bail bonds guide their decisions.
Myth: A Bail Bond Is Essentially A Type Of Loan
One of the most prevalent myths that individuals will have about bail bonding is that it is essentially little more than a type of loan. This can lead to individuals assuming that they will have to repay the full amount of the bail bond. In reality, this is far from the case as you will only be responsible for paying the bonding fee and providing the collateral for the bail bond. While the fee will be kept by the bail bonding service, the collateral will be returned as long as you have complied with the terms of your bail bond.
Myth: Poor Credit Can Stop You From Being Approved For A Bail Bond
Poor credit can be an obstacle for many individuals when it comes to getting approved for loans or other types of financing. Luckily, bail bonding services will typically pay little to no attention to a person's credit history. In fact, some jurisdictions may even ban these providers from considering credit history. Rather, these services will largely base their decisions on the severity of the crime that the defendant is charged with committing, their flight risk, and the total amount of bail that is required. As a result, even those that have extremely poor credit should find it relatively easy to find a bail bonding service that will work with them.
Myth: You Should Only Apply For A Bail Bond If You Do Not Have The Cash For Bail
Another assumption that a person may have is that a bail bonding service should essentially be the last resort for a defendant when they do not have the cash for their bail. In reality, it can be advisable to use a bonding service even in situations where you may have the assets to be able to post bail on your own. This may seem strange, but it is due to the high costs involved with defending oneself in a criminal case. By limiting the amount of money that you have to pay for your bail bond, you can maximize the funds that are available for you to use for an attorney, expert witnesses, and other expenses that can come with an effective criminal defense.
Reach out to a bail bonding company for more information.Share