If you received a call from a friend asking you to bail him or her out of jail, the first thing you would probably think about is determining how to come up with the money needed for this. Bailing someone out of jail will require paying a cash deposit, and the jail will release the person once the amount is paid in full. If you have never done this before, here are some tips to help you understand the process of bailing a person out, as well as information on how a payday loan could help you with this situation.
Find Out the Amount
After your friend asks you to bail them out, you will need to call the jail to find out how much money you will need. To get this information, you will need to give your friend's name to the person you speak with and ask how much money the cash bond will be. This amount can vary by two things: the severity of the crime, and your friend's criminal history. If the crime was non-violent in nature, the bond amount may be around $500.
Get a Payday Loan to Pay the Cash Bond
Once you have the information you need from the jail, you may need to figure out how to come up with the money needed to accomplish your goal. If you have cash on hand, you could simply use that. One of the best, most convenient, and easiest methods to use for coming up with bail money is applying for a payday loan. If you have a job, getting a payday loan is very easy to do, and you do not need good credit to get approved. In fact, most payday lenders do not even pull credit reports on applicants.
When you apply for a payday loan, it's important to understand how the fees work so you can make sure you receive enough cash to pay the bond amount. In many cases, a payday lender will charge around 15% for a payday loan, and this amount is taken off the total amount of the proceeds. For example, if you take a $500 payday loan, you may only receive $425, because they may take $75 in fees right off the top. Because of this, you may want to apply for a $600 payday loan if you actually need $500 cash. With a $700 payday loan, you would most likely receive around $510.
Wait to Get Your Money Back
Keep in mind, you can receive some of the bail money back from the court as long as your friend attends the court hearings. You may have to wait several weeks before the court sends it, but you could plan on using this money to repay the payday loan. Once your friend gets out of jail, he or she might be able to pay you the amount you spent on the bail. If so, you could use this money to pay off the loan you took. If your friend cannot pay it back right away, you may want to encourage him or her to attend the hearings scheduled for the crime so the court will release the funds as quickly as possible.
Payday loans can come in handy for emergencies like this, and they are one of the fastest and easiest ways to get money when you need it. To learn more about your options, consider talking to various local payday loan providers to compare how much they will charge in interest. You can simply apply for a payday loan online or at a payday loan store.Share