Getting a bail bond is one of the easiest ways to get someone out of jail quickly if you do not have the funding to cover it on your own. However, some people assume there are better options, such as a payday loan from a payday lender. Even though getting a payday loan instead of a bail bond can sound like a good idea, these loans do have their limitations when compared to a bail bond. Here is a look at some of the reasons bail bonds can be a better solution if you are trying to raise money to get someone out on bail.
You can usually get a bail bond outside of normal business hours.
You would be hard-pressed to find a payday loan service open late at night, on weekends, or on a holiday. On the contrary, some bail bonds services stay open around the clock. Since people get arrested at all hours of the night and day, these services stay available for 24 hours to serve as many people as possible no matter what time it may be. If you are waiting to get a payday loan to get a loved one out of jail, you may have to wait a while, especially if the individual was arrested on a weekend.
Payday lenders can only offer a limited amount of money.
States enforce specific limitations on how much money a payday lender can legally give a client. In most cases, the loan amount can only be a percentage of the typical paycheck. Bond amounts can be in the thousands of dollars in some cases, and this may not be the kind of money a payday lender is allowed to offer. Bail bonds agencies are capable of loaning far more money at once, and the loan amount does not have to rely on how much your typical paycheck may be.
Bail bond loans can have longer repayment terms.
Payday loans usually have to be repaid by your next payday, but a loan from a bail bonds service will tend to have a longer term. Most bail bond agencies will divide the repayment amount into multiple payments if needed so you do not have to struggle to give all the money back at one time. If you use a payday loan to post bail, that money will have to be repaid quickly, which can put you in more of a financial bind.
How many times have you put off making repairs around your home because you didn't have the money to make them immediately? Have those decisions caused even more repair bills because you waited to make the repairs? I have done this several times in the past, and, oftentimes, not making those repairs have cost me far more to complete because the damage spread. The whole reason I created my blog was to help others find the financing they need to make home repairs without worrying about choosing the wrong type of financing option. Hopefully, my hard-learned lessons will help you avoid the same struggles that I have undergone.