After arrest in Nevada, you can exit jail by posting bail or bond. While the procedures for posting bail are straightforward, finalizing the process can be challenging, mainly due to a lack of funds. Therefore, consult a trusted bail bonds company to find the most suitable payment option.
With a bail bondsman's help, you can better assess the three main payment options and how they affect your credit score. This way, you can choose a method that allows you to continue enjoying the benefits of a good score while securing your freedom.
Understanding the Credit Score System and How Posting Bail May Affect It
A credit system allows you to borrow money under a card payment system and continue to repay it over time. To preserve the sustainability of crediting, you receive a credit score over time, demonstrating your trustworthiness in repaying debts to potential lenders.
The credit system incorporates scores from 300 to 850, with a maximum of 850. For every successful transaction and repayment, you earn credit points. Therefore, you appear more trustworthy to future lenders with a higher credit score. Conversely, failure to repay credit on time lowers your score and deters you from acquiring credit in the future.
The following are ways in which posting bail may indirectly affect your credit:
1. Taking a Loan to Post Bail
Taking out a loan involves approaching a lender, mostly a bank, to lend you the money you will repay over time. While the process is a viable option to post bail, it involves a lot of formalities. For example, you must explain the reason for your loan request, and some lenders may be apprehensive about your recent arrest.
Further, your loan repayment will be higher than the amount lent to you as interest grows over the repayment period. Additional fees also apply, depending on the lender you partner with.
If you cannot repay the loan on time, you risk facing harsh penalties, like exposure to debt collection procedures. When your record appears on the collection list, it negatively affects your credit score, giving you a hard time when trying to secure loans in the future.
2. Using Your Credit Card to Post Bail
You may opt to post bail by paying the total amount required upfront. If so, you use your credit card for the transaction, which may pose several disadvantages for your credit score.
For example, depending on the bail amount necessary for your release, you may spend a lot of money, causing a significant imbalance in your utilization gauge. The sudden imbalance can prompt your credit card company to investigate the terminal of your transaction, and that may affect your future credit card usage because you will appear as a more high-risk borrower to potential lenders.
Nevertheless, registering a high credit utilization ratio is not always problematic as long as you can maintain it steadily with timely debt repayment. You may, however, experience increased financial pressure, limiting your access to quality legal services because of the risks associated with a changed credit score.
3. Working With a bail Bonds Company
A bail bonds company helps arrested people secure their release from jail as soon as possible. As a detained person, you contact your bail bonds service and request that they post bail on your behalf, then work out a repayment plan later.
Working with a bail bonds service is justified because you may only sometimes have the amount required to post bail upfront. Subsequently, the company publishes the full bail amount in your name, allowing for your timely jail release.
In exchange, you pay the company a service fee corresponding to the fixed charging rate. A typical service fee rate is 10% of the total bail amount the court asks for. For example, you will pay $5000 to your bail bonds company if the bail amount is $50,000.
Thanks to the workable arrangement between you and your bail bonds company, you have a better chance of preserving your credit score and enjoying continued benefits. The primary reason is that you have less financial pressure to post the entire bail amount yourself, making it less likely that your transaction with the bail bonds company will affect your credit.
Your bail bond service provider can also propose a repayment plan to help you avoid financial hardship. Doing so may be relevant if your fee is still high based on the corresponding 10% rate used to calculate your cost.
Instead of paying the total amount and risking your credit score, you can negotiate friendly terms with the company that allow you to make weekly, monthly, or quarterly repayments. Failure to keep up with payments may push the bail bonds company to send your name to debt collectors despite the friendly terms. The move may expose you to a bad credit score, as you are listed as a defaulter.
While working with a trusted bail bonds company is the least risky option for your credit, you must uphold your court obligations. Specifically, you must observe court attendance rules to prevent the bail bonds company from losing its deposit in your name.
You can thus expect your bail bonds service company to check up on your court attendance records and encourage you to uphold the schedule.
Contact a Bail Bonds Company Near Me
Posting bail may indirectly affect your credit, especially if you borrow a significant amount without possibly paying it back immediately. Working with a bail bonds service provider gives you access to multiple advantageous services, including creating a repayment plan. The bail bonds company’s intervention in posting bail on your behalf also helps you avoid a bad credit score.
At Express Bail Bonds, you receive quality services tailored to make bail bonds payments easier. We aim to provide workable financial solutions and repayment plans that do not affect your credit score, allowing you to continue benefiting from your credit cards. If you or a loved one requires bail bonds services in Las Vegas, Nevada, call us today at 702-633-2245.
