Flexible Payment Plans for Bail Bonds at Metro Bail Bonds: How They Work
Being arrested can be a traumatic experience, leaving you feeling helpless and isolated. The stress only intensifies if you're unable to afford the bail bond fee. Fortunately, Metro Bail Bonds, a trusted bail bondsman in Minneapolis and greater Minnesota, offers flexible payment plans to help you get out of jail and back to your life quickly. In this article, we'll explain how payment plans work when you can't afford the standard 10% bail bond fee, making it easier to secure cheap bail bonds when you need them most.
First, it's essential to understand what a bail bond is and how it works. For more detailed information, check out our latest blog post here. In short, bail is a sum of money set by a judge that a defendant must pay to be released from jail. If you can't cover the full bail amount, search a “bail bondsman near me” and find us - Metro Bail Bonds. We can post a bond on your behalf. This bond serves as a guarantee to the court that you will appear at all future court dates until your case is resolved.
Most bail bond companies in Minnesota, including Metro Bail Bonds, charge a standard fee of 10% of the total bail amount. For example, if your bail is set at $10,000, the fee would be $1,000. This bail bond cost is non-refundable. For many, coming up with this fee all at once is challenging. We understand. That’s where we come in to help.
At Metro Bail Bonds, we offer flexible payment plans for those who can’t pay the bail bond fee upfront. Our local bail bondsman will provide options to pay the fee over time, and our plans are completely interest-free. This means you won’t pay any extra charges or interest on your bail bonds payment plan with us. Whether you're in Minneapolis or anywhere in Minnesota, we can assist you with a payment plan suited to your needs.
How Bail Bond Payment Plans Work
When setting up a bail bond payment plan, a cosigner may be required. The cosigner takes on financial responsibility if the defendant does not appear in court or fails to meet payment obligations. Learn more about what it means to be a cosigner here. At Metro Bail Bonds, we evaluate the stability of both the cosigner and defendant. A bail bond agent will look at factors like good credit, stable employment, and payment history when determining whether a defendant qualifies for a payment plan with lower monthly payments.
If approved, additional paperwork will need to be completed, including signing a “Promissory Note & Installment Payment Plan for Unpaid Premium.” This document outlines your customized payment schedule, which you are legally obligated to follow.
The initial payment for your bail bonds plan will typically be between 3-5% of the total bail amount, depending on the circumstances. For example, if your bail is $10,000, your initial payment would be around $500. For bail amounts above $10,000, the minimum upfront payment can be as low as 3%.
Making Payments on Your Bail Bond
Once the initial payment is made, you will be required to make regular payments—either weekly, bi-weekly, or monthly—based on your financial situation. For bail amounts of $10,000 or lower, the remaining payments must be completed within 120 days. If the bail amount exceeds $10,000, you’ll have up to a year to pay the remaining balance. Our 24 hour bail bonds services ensure that we’re available around the clock to help you with any questions or payment plan adjustments. We understand that everyone's financial situation is different, so we will work with you to create a payment plan that you can afford.
What happens if I miss a payment?
It's crucial to make all payments on time when you're on a payment plan with Metro Bail Bonds. Missing a payment can lead to late fees or even the termination of your plan, making the full bail bond fee immediately due. If the fee isn't paid, we may take legal action to recover the money. Missing payments can also negatively impact your cosigner, who is responsible for the bail bond if the defendant fails to appear in court or keep up with payments. In that case, the cosigner may be held liable for the entire bail bond fee.
If you're struggling to make payments, it's important to communicate with us. At Metro Bail Bonds, we strive to be as flexible as possible and can work with you to adjust your payment schedule or offer other solutions to help you stay on track. Being upfront and honest about your financial situation is always better than missing payments and facing the consequences.
At Metro Bail Bonds, we understand that the bail bond cost can be a financial burden, and we aim to make the process easier with payment plans. As a trusted local bail bondsman in Minneapolis, we offer flexible, interest-free options to help you secure your release quickly. With our 24 hour bail bonds service, we’re here to assist you any time of day or night. Whether you need a bail bond agent to walk you through the process or want to explore our payment plans options, we are dedicated to helping you every step of the way.
