When you get arrested and need a way out of jail, where do you turn? Some people turn to their families and friends for cash, or they might use their own money. Others do not have this option. Therefore, they might turn to a bail bond agent for help. To get out of jail, you must pay your bail money, and there are two ways to pay it. The two options are through cash bonds or surety bonds, and here are three differences between these options.
The People Involved With the Transaction
One difference between these two bonds is the people involved in the transaction. When using a cash bond, you do not need a third party to help you. You might need some friends and relatives to loan you some cash, but you would not need to hire a company for help.
With a surety bond, you must involve a third-party. Surety bonds come from bail bond agents, and you cannot avoid using one if you need help paying your bail.
The Out-of-Pocket Costs
The difference between a cash bond and a surety bond is the out-of-pocket costs required with each option. Suppose you get arrested and have a $4,000 bail amount. If you want to use a cash bond to pay this money, you will need $4,000 cash. If you use a surety bond, you will need approximately 10% of this amount, or $400. Which option is more affordable? A cash bond is always the more affordable option, as it requires paying only a portion of the bail costs.
The other difference between these two types of bonds is the process you must use to get released. When using a cash bond, the procedure involves paying the necessary cash to the jail. You can pay it with cash or a credit card, and you must have someone bring it to the jail. The procedure with a bail bond agent involves a few extra steps. It requires calling an agent and getting the case approved. After that, you must sign a contract and wait for the agent to complete the remaining steps.
As you can see, there are some differences between cash bonds and surety bonds. While they both offer a way out of jail, they work in different ways. If you need help getting released from jail and do not have the cash to pay your bail, call a company like Steele Boys Bail Bonds to learn more.