When you are trying to get a bail bond for a family member, the available options are not easy options. Typically, you would have to offer something very valuable as collateral to secure the bail bonds, or you would have to provide cash. When you do not want to do the former but do not have the latter, it may be advantageous for you to take out a short-term, unsecured loan to secure the bail bond for your relative. Here are three reasons why this may be the best option for you overall.
Shortened Financial Recovery Time
When you take out the short-term loan, you may have to make a few installment payments on the loan while you wait for the bail bond to expire. The money from the short-term loan helps you secure the bail bond for your relative, and as long as he/she appears in court for his/her hearing, you get all of that bail bond money back, minus the bail bondsperson's fees. Usually, the time between acquiring the loan and getting the money back from the bail bondsperson is relatively short, which means that everything you borrowed for the bail you can pay back to the short-term lender.
Lost Bail Money Means No Real Losses for You
If you do take out a short-term loan to secure the bail bond, and your relative skips town and cannot be retrieved, the only loss you incur is the money you borrowed. You will not lose your house, your car or your wages because you did not borrow against these or use them as collateral for bail. While it is unfortunate that you would have to repay the short-term loan/lender because of your relative's irresponsibility, this approach at least leaves you intact with what you had before you secured your relative's bail.
If Your Relative Is Re-Arrested, You May Be Able to Recoup Your Lost Money
Some bail bonds people are willing to return a portion of the money you posted for your relative if your relative is re-arrested or turns him/herself into the police. Any additional monetary losses may be recouped in court with a lawsuit against your relative. Since the laws governing bail bonds operations are different in every state, you may have to consult with a bail bonds person and a lawyer prior to securing the short-term loan and securing the bond (from an outlet such as All Star Bail Bonds) so that you can be reassured of what money you can recoup in these particular instances.
