Metro Bail Bond Payment Plans [How it Works]
Being arrested is a traumatic experience, and it can leave you feeling helpless and alone. If you're unable to afford the bail bond fee, things can quickly become even more stressful. Thankfully, Metro Bail Bonds offers payment plans to help you get out of jail and back to your life. In this article, we'll discuss how payment plans work when you can't afford the 10% bail bond fee.
First, it's important to understand what a bail bond is and how it works. Head to our latest blog post to learn more here. In brief, bail is an amount of money set by a judge that the defendant is required to pay in order to be released from jail. If the defendant can't afford to pay the full bail amount, they can pay a bail bond company to post a bond on their behalf. This bond serves as a guarantee to the court that the defendant will appear at all future court appearances until the case is completed.
In Minnesota, bail bond companies charge a fee for their services, which is typically 10% of the total bail amount. For example, if the bail is set at $10,000, the fee for a bail bond would be $1,000. This fee is non-refundable. For many people, coming up with this amount of money all at once is simply not possible. We understand.
That’s why we offer payment plans that allow you to pay the bail bond fee over time, rather than all at once. Our payment plans are flexible and interest-free. This means that you won't be charged any extra fees or interest for using a payment plan with Metro Bail Bonds.
When you enter into a payment plan with our company, you will be required to have a cosigner. A cosigner is someone who agrees to take financial responsibility for the bail bond if the defendant fails to appear in court. This means that if the defendant doesn't show up for court, the cosigner will be responsible for paying the full bail amount to the bail bond company. Learn more about what a co-signer is here. We consider the stability of the defendant and co-signer(s) when setting the payment plan. A stable cosigner/defendant is someone who has good credit, a stable job, and a history of making payments on time. The more stable the cosigner/defendant is, the more likely you are to qualify for a payment plan with lower payments.
Additional paperwork is required if you enter into a payment plan with us. You will be required to sign a “Promissory Note & Installment Payment Plan for Unpaid Premium.” This document outlines your customized payment schedule and states that you are legally bound to the payment schedule outlined.
Once your payment plan has been approved, you will be required to make an initial payment. This payment can vary depending on your individual circumstances, but it's usually 3-5% of the total bail amount. So, using our previous example, if the bail is set at $10,000, the initial payment would be $500. If your bail amount is $10,000 or lower, we are required to charge at least 5% up front. If your bail is over $10,000, we can charge as low as 3% up front, but this amount may vary depending on the circumstances.
After you make the initial payment, you'll be required to make regular payments based on your ability to pay until the full fee is paid off. If a payment plan is approved on a bail that $10,000 or lower, the cosigner/defendant will have up to 120 days to make the remaining payments. If the bail is greater that $10,000, the the remaining amount must be paid off within a year. These payments are typically made on a weekly, bi-weekly, or monthly basis. 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?
When you enter into a payment plan with Metro Bail Bonds, it's important to make all payments on time and in full. If you miss a payment or are late on a payment, it can have serious consequences. You may be charged a late fee for missing a payment, and if you continue to miss payments, we may terminate your payment plan. This means that the full bail bond fee will become due immediately, and if you don't pay it, we can take legal action to recover the money.
In addition, if you miss a payment or your payment plan is terminated, it can have negative consequences for your cosigner. Remember, the cosigner is financially responsible for the bail bond if the defendant fails to appear in court or doesn't make payments on the payment plan. If you miss payments, your cosigner may be held responsible for paying the full bail bond fee as well.
If you are struggling to make payments on your payment plan, it's important to communicate with us! We try to be as flexible as possible and are willing to work with you to adjust your payment schedule or offer other solutions to help you make your payments. It's always better to be upfront and honest about your financial situation than to miss payments and risk the consequences!
