If you get arrested and need a bail bond, you have two options: a cash bond or a surety bond. What’s the difference?
The biggest difference between the two is that a cash bond transaction involves two parties while a surety bond transaction involves three parties. With a cash bond, the defendant will pay the entire bail amount in cash to the jail or court. When he or she shows up for his court hearing, he or she gets the money back, less any fees and charges charged by the court.
On the other hand, when a defendant chooses to hire a surety company or a bail company to get a surety bond, the surety company will be the one paying the bail amount to the jail or court. When the accused shows up at his or her court hearing, the bail company gets the total bail amount. The difference, however, is that the bail company charges a fee which is usually 10-15 percent of the total bail amount.
What are the advantages and disadvantages of cash bonds?
Cash bonds are quick and easy to get. If you have money, then getting a cash bond is very simple because all you need to do is just pay the bail amount to the jail. However, the downside to posting a cash bond is that it may not always be available when needed and can take some time to post.
What are the advantages and disadvantages of surety bonds?
Surety bonds, on the other hand, can usually be obtained with less than 24 hours’ notice and don’t require any money upfront which means they’re easier if you need your funds right away! Bail bond services in the U.S have a 2 billion dollars market size so you can easily find surety bonds almost everywhere. You just need to search online for a bail bond agent near me or a bail bonds near my location and you will find bail bond companies who can secure it for you.
Nonetheless, surety companies have disadvantages too. They don’t automatically grant bonds to anyone, so you must prove to them that you are financially capable of qualifying. Moreover, you can also incur higher fees with surety bonds than cash bonds.
Which is a better option?
It will depend entirely on your situation. Surety bonds are a great option for people who need their money as soon as possible and don’t want to spend big upfront cash. Cash bonds are a better option for people who have the financial means to pay the total bail amount upfront and want the simplest way to bail someone out.
The bottom line
There are many differences between surety bonds and cash bonds, and it is important to weigh these differences, so you know which one is more beneficial for you. If you want the safer and cheaper route, a surety bond is the best way to go. Just look for bail bonds near my location or a bail bond agent near me so you can obtain a quality surety bond as straightforward as possible.