Posted on: 3 October 2022
If you have never posted a bail bond before, you may not realize that a bail bond is actually a type of loan that you must qualify for. Just like any loan, bail bonds require you to meet certain criteria in order to get the financing that you seek. However, unlike most traditional loan products, bail bonds do not rely on your credit score or your debt-to-income ratio in order to determine whether or not you qualify. In this article, you can learn more about the requirements you will need to meet in order to qualify for a bail bond.
#1: Recurring Income
When you obtain a bail bond in order to get a loved one out of jail, you will be responsible for ensuring that the person you have bailed out shows up to all of their court dates. If your loved one misses any court appearances, they will forfeit their bail money to the court. If you used a bail bonds service to post this bail, this will mean that you are now responsible for paying the bail bondsman the full amount of the bail which was lost plus any fees. In order to ensure you are financially capable of paying this amount, most bail bondsmen will require you to show proof of recurring income before you can be approved for a bail bond. This can be done by either providing your bank statements or pay stubs.
#2: Local Address
If the person you are bailing out does not fulfill all of the terms of their release, a bail bondsman will want to ensure that they are able to easily locate this individual so that they can be returned to police custody. One way in which bondsman attempt to do this is by only offering bonds to individuals with a permanent local address. While you can often obtain a bail bond without owning your own property in the area, you may need to show proof that you own a home in the area when securing a larger bond or if the person being bailed out is facing extradition to another jurisdiction.
#3: Personal References
You will often be required to provide contact information for several personal references in order to qualify for a bail bond. These references are not typically contacted prior to approving your application. Instead, this information is simply kept on file in case the bondsman needs to either locate the person you have bailed out or if they need to locate you in an effort to collect payment for a bond that has been defaulted on.
For more information, contact a local company like Affordable Bail Bonds.Share