3 Types Of Bail Bonds

Posted on: 17 August 2018

Bail bonds serve a useful purpose. When someone is arrested and cannot afford to pay the full amount of the bail assigned to them, a bail bond company will step in and provide payment in exchange for a percentage of the bail amount. If the defendant shows up for all scheduled court dates, then the bail bond company is issued a full refund by the court.

Understanding the different types of bail bonds available will help you select the product best suited to meet your needs when a friend or family member is behind bars.

1. Online Bail Bonds

An online bail bond works like a traditional bail bond, except these bonds can be secured from anywhere in the country. An online application gathers information about the bail co-signer. A telephone interview allows the bail bond company to verify the information provided in the online application.

Once identity verification documents are received, the bail bond company will issue bail on your friend or family member's behalf. It's important that you work only with a licensed and reputable bail bond company when using an online bail bond to help your loved one.

2. Collateral Bail Bonds

The bail amount assigned to a friend or family member can vary based on the crime that he or she is being charged with. In the event that your loved one has an expensive bail, you might want to consider a collateral bail bond.

These types of bail bonds are designed to help offset the financial hardship of paying the co-signer's percentage of a significant bail amount. Instead of providing cash, you can use your vehicle or your home as collateral instead.

Just be sure that your loved one can be counted on to show up for all scheduled court dates, or the bail bond company will be legally entitled to seize the asset you provided as collateral for your loved one's bail bond.

3. Non-Collateral Bail Bonds

Many bail bond companies offer only non-collateral bail bonds to their customers. These bail bonds require a cash payment before bail will be posted on your loved one's behalf. If you are unable to pay the full amount owed at the time bail is needed, you may be eligible to set up a payment plan with the bail bond company.

Non-collateral bail bonds do not require collateral to secure the bond, so you don't run the risk of having your vehicle or real estate holdings seized if your loved one skips bail. Contact a company like Alda Pauline's Bail Bonds today to learn more.