Is Money Tight? How to Pay for Bail With Collateral

On any given day, more than half a million Americans sit in jail because they can’t afford to pay bail. For some of them, the bail amounts are as large as six figures or as small as $250.

What are your options if you have a loved one sitting in jail and you can’t come up with the cash to bail them out? Did you know you can pay for bail using collateral instead of cash?

Keep reading to learn how to pay for bail even if you don’t have funds on hand.

What Is Bail Collateral?

Collateral refers to anything that someone accepts as security for a loan. In the case of bail, it’s something of value that you offer to secure someone’s release from jail.

The collateral must be equal to (or worth more than) the amount required for the bail bond. If it’s a small item of value, the bail bondsman will hold onto it until the bond is repaid. If it’s a physical property, they’ll keep the deed or title.

How to Pay for Bail With Collateral

Here are some common items you can use as collateral instead of cash:

• Credit card payment or cash advance
• Real estate (any type of land or building)
• Natural resources such as crops or livestock
• Vehicle or car title
• Jewelry or artwork
• Guns or ammunition
• Stocks and bonds
• Computers or electronics
• Antique furniture
• Gaming systems

In some cases, the item you offer for collateral can be worth the same amount as the bail bond. In other instances, its value needs to be higher, sometimes 150% of the bail bond price.

If you’re not sure what’s accepted as collateral or how the bail bond process works, you can learn more at Bail2go.com.

What Happens After I Get the Bail Bond?

Before you give up the title to your car or your grandmother’s wedding ring, you need to understand the benefits and risks associated with offering collateral.

Ideally, the collateral is enough to get your loved one out of prison. They show up for their court hearing as scheduled and fulfill their duty to the law. Meanwhile, the bail bond gets repaid 100% and you get your collateral possession back.

However, it’s also worth considering the alternative. If your friend skips bail or misses their court appointment, the bail bondsman will sell or pawn your item to cover the cost of the bail. Before you put down the collateral, consider how trustworthy or reliable your friend is, as well as what you could (potentially) afford to lose.

Find Affordable Bail Bonds Near You

The thought of how to pay for bail can be daunting — especially if you’re low on cash. The good news is that there are many items you can use as collateral instead of cash.

If this sounds like the solution you’ve been looking for, Google “bail bondsman near me” and ask what they accept for bail collateral.

Bail bonds aren’t the only topic on the table today. Keep browsing our site for other helpful articles like this one!