When it comes to bail bonds, there are a lot of questions out there. This is to be expected, of course, because most people don’t have to contact a bond agency very often if at all. Needless to say, our industry is one that is often surrounded in quite a bit of confusion.
If you’ve been following along with our blog posts at all then you know that at Wanna Get Out Bail Bonds, we’re making it our mission to shed some light on the confusing aspects of the industry. That’s why in today’s post we’ll be tackling the question of collateral. It’s one we’ve touched on briefly in the past, but we’ll break it down even more below. Keep reading to learn more!
What Is Collateral to Begin With?
First off, let’s start with a quick explanation of what collateral is. To put it simply, in situations where a person is taking out a loan, the lender might want some extra security to ensure that the loan is actually repaid. Generally speaking, this means that if the person who borrowed the money stops paying, the lender can then legally take what was offered as collateral.
But what can be used as collateral? Pretty much anything of value. Common examples include pieces of property that are owned (or the equity in those properties), vehicles, jewelry, firearms, valuable collections (such as baseball cards, comics, coins, stamps, or art), musical instruments, watches, and more. Although it largely depends on the institution offering the loan, many valuable items can be used as collateral.
Why Would a Bond Agency Require Collateral?
Now that you have a good idea of what collateral is and what it is used for, the question is why a bond agency might ask you to put up collateral. Essentially, bond agencies are offering their clients loans. Here on Oahu, the price for a bond is 10% of the amount that the jail requires for a person to be bailed out. In other words, if the amount needed to get a person out of jail is $50,000, you’d need to pay us $5,000 and we’d supply $45,000 to get your loved one released.
Needless to say, that’s quite a bit of money. Depending on the circumstances, an agency may require a client to put down collateral because they want to be certain that they’re not just going to be out of their money if the person who is bailed out of jail goes on the run.
At WGOBB, There’s No Collateral Needed for Most Bonds
At Wanna Get Out Bail Bonds, we know how stressful it is to hear that a loved one is in jail. We also know that you want to do everything in your power to get that person released as quickly as possible. The good news is that our team is here to lend a helping hand!
That’s why it’s our policy that for most bonds, we don’t require collateral. It’s not something that’s a hard and fast rule, per se, but generally speaking, we are happy to work with you without the need for you to put up something valuable to you as collateral.
Additionally, we offer flexible payment plans to our clients because we know how tough it can be to plan for this type of thing. After all, no one expects to get a phone call that their loved one was pulled over for drunk driving. No one wants to hear that they’re the ones who now have the responsibility of arranging for a person they care about to be released from jail.
No Matter the Situation, We Can Help
Regardless of the situation that you’re in, we want you to know that when it comes right down to it, we’ll be there to help you in your time of need. It’s as simple as that. At the end of the day, we’re here to help you make it through a difficult time and we’ll work hard to reduce your stress and answer any questions you may have about the process.
No matter the time of day or night, give us a call. We proudly offer free bond advice and we have the lowest fees on the island. Contact us today to get the help you need.