Bail bonds are something that most people have needed at one point or another. Whether you have been arrested for a crime and can’t afford bail, or the family member you live with has gotten into trouble, bail bonds can often be your best option when things go south. Here are some off-the-radar ways to save money on bail bond services.
1. Appeal for a Lower Bond Amount
You may think that the higher your bond is, the safer you are from getting out on bail—but this isn’t always true. You could be released without paying a large sum if your charge is low enough.
According to the Attorney at Law Magazine, many states have laws that limit how much of a bond can be set by a bail bondsman based on where you live, so if you live in a state where they can only charge 12% of the total amount of money you owe, then that’s what they’ll charge.
2. Look into Online Bail Bondsmen
Some online bail bondsmen, such as Bail Hotline which offers bail bonds in Los Angeles, will let you set up an account online so that you can pay them via credit card or PayPal without ever having to get physical cash out of your bank account.
This can save time and money over traditional methods like Western Union or cash at the jailhouse door. Plus, most people can’t afford vast amounts of money right now because of the price increase in oil prices (and other factors). This could be an option worth investigating.
3. Insurance Company Bonds
Investing in insurance company bonds is one way to get the best value for your money. These bonds are created from premium funds pooled together by insurers, who then invest that money to generate a high rate of return. In return, bondholders receive dividends and bonus payments regularly.
These bonds may also pay out a portion of the fund if the insured person dies. However, it would help to consider how long you’d like to hold them. Generally, the longer you hold them, the less money you’ll pay in taxes.
In addition to being a safe investment, insurance company bonds also offer tax advantages. You can receive tax-free earnings if you hold them for more than ten years.
4. Get a Bail Bonds Company to Pawn Your Belongings
When you’re in jail, your possessions can be tough to get back. But if you have something worth pawning, a bail bonds company might be able to help you out. They can sell your stuff for you and then use that cash to post your bond.
However, if you choose the option of pawning your belongings, be sure to read the fine print carefully. Most pawn shops do not allow returns, so be sure to ask about it before making a purchase.
Some pawn shops have short return policies, so ask about their policies before purchasing items. You can also extend your items by paying the fees and the remaining balance. The pawn shop will provide you with a new due date, and you will be free to take them back if they are not what you expected.
5. Ask for a Pre-Pay Option
Several states allow people arrested for minor crimes to pay their bail in full up front and then go directly to court. This can be a great option if you’re facing relatively low bail and don’t have much money, but it’s not something most people know about until they get arrested.
Some credit cards have pre-paid options for bail bonds. This means that the bail bond organization pays the entire bail sum ahead of time rather than waiting until the end of the period.
This option allows you to save money by paying just ten percent of the bail amount instead of the total amount. Some cards also have other savings options, such as referral credits. It would help if you explored all your options to save the most money on bail bonds.
The More You Know, The Better
It’s an excellent idea to familiarize yourself with some of the lesser-known laws that bail bond agencies must follow. As you’ll see, these factors can profoundly affect the cost of bail. In other words, if you know your way around the system, you can get the best deal possible on a bond.
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