Why Some People Need Collateral With Bail Bonds

Using a bail bond agency for help getting out of jail is a very common method used by people who do not have a lot of money on hand. If you use a bail bond agent, you should realize that you might be required to not only pay a fee but to also give the agency collateral, and here are several things to understand about why some people need collateral when using a bail bond.

Types of collateral you can offer

Before you understand why some people need collateral, you should understand what types of collateral you can use for this purpose. The truth is that you can use just about anything as collateral for a bail bond, but certain things are better than others. A car that you have the title to is the perfect option, or you could use your house, jewelry, or even electronics.

The fees of a bail bond

Collateral might be needed by some people simply to cover the fees charged by a bail bondsman. A bail bondsman will charge around a 10% fee for offering to pay the bail amount, and this fee is based on the total bail cost. If the bail is $10,000, the fee you must pay is $1,000. If you do not have $1,000 to pay for the fee, you would need to offer collateral for this, and the collateral you offer will have to be worth at least $1,000.

Why you might also need collateral

Additionally, you should know that even if you can pay the 10% fee with cash, the bail bond agent might require collateral on top of this. This is the case when a person commits a really serious crime, or when the person has a very high risk of fleeing or failing to follow through with court hearings. Therefore, if the agency views you as a flight-risk, you should plan on having to pay both the 10% fee and collateral too. Without offering both, you might not be able to get out of jail.

The risks of offering collateral

There are risks involved when putting collateral down for a bail bond; however, you can minimize those risks by following through with all the conditions set in place for you in your case. To learn more, contact a bail bondsman today. A bail bond agency can give you more details about the costs you would encounter if you used them to get out of jail.