Bail bondsmen are among the few industries offering 100% interest-free “loans” to the public. Most bondsmen like Apex Bail Bonds don’t charge any interest for the remainder of the bail bond when they finance or offer a payment plan.
Most bail bondsmen are simply trying to collect the 10-15% they need to post the bond. Some may charge a small “financing fee” for the additional paperwork, man hours, and risk they take by financing a bail bond. If someone skips their court date and becomes a fugitive and has not paid the bondsman the 10-15% bond premium, then the bondsman has even fewer resources to apprehend the individual and can take an even bigger loss.
For example, most bail enforcement agents charge a similar percentage of the bond to apprehend a fugitive for the bondsman. If the bondsman financed the bond and never collected that amount, then they are absorbing a loss just to hire a bail enforcement agent (or two) to turn it over to. This doesn’t consider the potential loss if the bond is forfeited.
Bail bond agents like Apex Bail Bonds are often more willing to finance when the co-signer has a proven employment track record. Often, the credit score is unimportant if the co-signer has been employed for 12 consecutive months or longer at the same job. This sets bail bondsmen apart from other lenders who are more likely to scrutinize an individual’s credit score and credit history.
Using Collateral
Bondsmen are also more likely to finance a bond if a collateral is posted. This can mean physically handing over property for the bondsman to hold or using a title lien or deed of trust.
If you have a car title, the bondsman may take it as collateral and place a temporary lien on the vehicle. Once the case has been disposed of, the bail agency can release the lien by signing it back to you.
A deed of trust is similar to a temporary lien, except it is used on real estate. If a co-signer owns their home “free & clear” (meaning no mortgage and 100% equity), they can use that property’s deed as collateral.
Every state has different requirements for Deeds of Trust, so using a local bail bondsman like Apex Bail Bonds is important.
However, if you are posting an out-of-state bond, the bondsman from out-of-state may not want to take a deed or car title since they are unfamiliar with your state’s procedures. In that case, you could go to a local bail bondsman near you and post the collateral with them, and he would post a transfer bond for you.
Using Credit Cards and Debit Cards
Lastly, many bail bondsmen like Apex Bail Bonds take major credit cards. In a pinch, you could put the 10-15% premium on a credit card or ask a family member to allow you to do so. If you think you can get the money back before your credit card statement is due or once the defendant is released, this is an even better tactic.
If your bank allows you to overdraft, you can use your debit card the same way.
Paying Half of the 10–15% Premium
In most cases, bail bond agents like Apex Bail Bonds are willing to finance, and if you can come up with at least half of the premium, they can finance the rest for you. Many bondsmen have flexible payment plans and can customize one to your situation.
It is important to note that if you go this route, you must make all your payments on time or risk the defendant returning to jail. Stay in contact with our bondsmen if a hardship occurs, rather than blowing them off, and they will likely work with you. The bondsman wants to collect his money, so it is in their interest to work with you.
Other Lenders
Other potential lenders for bail bond payments include pawn shops, title loan lenders, payday loan lenders, cash advances, home equity loans, and private lenders. Some small banks and credit unions offer micro-loans, such as those some families use around Christmas time to buy gifts for their kids.
All of these lenders have interest and fees associated with their loans. Of these, pawn shops are usually the safest because they offer shorter loans with simpler terms. As long as you come back within the allotted time with the amount agreed to, you will get your stuff back.
However, some of these, such as payday loan providers, title loan lenders, and others, have been called “predatory lenders” for their unfair or harsh lending practices. They often charge very high interest, and in many cases, it can be difficult to pay them off if you aren’t careful.
Be very skeptical about using these lenders. Only use them as a last resort. Exhaust all your options with family, friends, banks, and local bond dealers like Apex Bail Bonds before approaching them. If you must use them, be sure you get all the loan terms up-front and in writing.
Bail Bond Agents Are the Best Option
The 100% interest-free loans offered by bail bondsmen are considered the best option for financing your loved one’s release. Many bondsmen like Apex Bail Bonds don’t have a “finance fee”, and for those who do, it can be as little as $25, no matter the amount financed.
Bail bond agents always give you a paper copy of your payment plan due dates and terms, because their states require them to do so. They are simple, easy to understand, and have no hidden tricks or fees.
In some states, bondsmen aren’t even allowed to charge ANY fees after the 10-15% premium. This is the case in North Carolina, for example.
Choose Apex Bail Bonds As Your Local Agent
At Apex Bail Bonds, we don’t treat you like the rest. We look at every bail bond on a case-by-case basis. So the more information you provide us, the more we can work out a specific arrangement just for you!
If your loved one needs a large bond, you should contact us because large bonds are our expertise. We have written multiple 7-figure bonds, including a $1 million bond in Caswell County and Rockingham County.
We write 6 figure bonds almost every week with special financing considerations. Our large bond expertise allows us to provide a streamlined approval process to release your loved one quickly.
Apex Bail Bonds of Graham recently posted a $250,000 bond in under 2 hours, which is faster than anyone else due to the paperwork that surety companies require on such large bonds.
Our owner, Fred Shanks, has 3 separate bail bonds licenses that allow him a level of expertise you won’t find anywhere else. He is licensed as a bondsman in NC and VA. In NC, he holds his license as a surety bondsman and professional bondsman. Because Mr. Shanks is a professional bondsman, he can charge less than other bondsmen near you.
To speak to a finance specialist, call us at 336-394-8890 or visit 8389 NC-87, Reidsville, NC, 27320, or one of our many other locations in VA or NC, throughout the entire Piedmont Triad.
