Do You Need Collateral?
Category : Bail Bonds - Montana Bail Bonds
The bail bonds process can be confusing, especially when you have never had experience with it. When beginning the process you may look for companies and some may say “No collateral required”. What exactly is collateral and why would you need it?
Collateral is something pledged as security for repayment of a loan, to be forfeited in the event of a default. Collateral can come in many different forms, such as; pink slips, cars, house deeds, jewelry, cash, etc. The collateral can be used to ensure that payments are made, the defendant shows up in court, or both. Whether you need collateral or not will depend on a number of things; charge(s), circumstances of the charge(s), bail amount, . At Montana Bail Bonds we mainly look at the ability to pay and the probability that the defendant will show up to court. If the premium is paid in full and the charge is minor, you would likely not need to provide collateral. If you have a minimal down payment, we would need collateral to work out a payment plan.
The amount or type of collateral can depend on the premium (10% of the total bond) or the total bond. If the collateral is needed for the payment plan and not court it should be relatively equal to the amount owed. If court is more of a concern the collateral will need to be higher to equal the bail amount.
Regardless of your situation call Montana Bail Bonds, we can work with you and your situation.
For any questions call Montana Bail Bonds at 1(800) 573-0000.