If your loved one has been arrested, you need to get them out of police custody right away. If bail has been set, you'll need to pay that before your loved one will be released from custody. If you don't have the cash to bail them out, you may think that a personal loan is the way to go. However, there are several drawbacks to taking out a personal loan to secure your loved one's bail. Instead of taking out a personal loan, you should actually work with a bail bondsman to secure your loved ones bail. Here are just four of the reasons why you should choose a bail bond instead of a personal loan.
1.Reduces the Amount of Cash Required
If you're planning to take a personal loan out for your loved ones bail, you'll be paying the full amount that the court has ordered. If bail was set at $10,000, you'll need a personal loan for the total amount. However, when you work with a bail bond service, you'll only need to come up with about ten percent of the total bail amount. You'll save quite a bit of money when you work with a bail bond service.
2. No Need to Go Over Your Credit
If you're going to secure your loved ones bail release by applying for a personal loan. You can expect to have your credit report and personal history reviewed. Unfortunately, if you don't have pristine credit, you might not be approved for the loan. If you are approved, you may find that the interest rates are higher than you expected to pay. However, when you secure your loved ones release with a bail bond, your credit will not be involved in the process.
3. Won't Required Monthly Repayment Plan
If you take out a personal loan to secure bail for your loved one, you'll be looking at monthly payments for quite some time. In fact, you may be making monthly payments on the loan long after the trial has come to completion. Bail bonds require no monthly payments. Once the small cash payment has been made, and the collateral has been provided, you'll pay nothing more for your loved ones bail. Once the trial is over, you'll have your collateral returned to you.
4. No Extended Wait for Processing
If you apply for a personal loan, your loved one may need to wait in jail longer than you anticipated. That's because the process to take out a personal loan can be quite lengthy. However, when you work with a bail bond service, the process can be completed in a just a few hours. As soon as the bond is processed, your loved one will be released from custody.
Contact an attorney, like Raymond Martinez Attorney at Law, for more help.