When a person is arrested and charged with a crime they can be released from custody while preparing to appear in court. The judge grants their release through a bail bond. Bail bondsmen in Oklahoma usually play an important role in the bail bonds process because they offer the defendant the option of choosing between a cash bond or a surety bond. To help individuals and families of the defendant choose between cash bonds and surety bonds it is important to know the pros and cons of both.
Cash bond
A cash bond is a type of bail bond where the defendant or their bail bondsman in Enid, Oklahoma pays the full bail amount in cash to the court which facilitates the defendant’s release from custody.
Pros
- No need for a bail bondsman: you can pay your cash bond without having to involve a bail bondsman in Guthrie, Oklahoma in the bail bonds process.
- No interest: there is no interest or additional fees if you are processing your bail bonds by yourself without a bail bondsman in Broken Arrow, OK. All you need is your cash.
- Full refund: the good thing about cash bond is that if the case is dismissed or you are found innocent by the court, your full bail amount will be refunded to you by the court.
- No collateral: Often in cash bonds, you do not need to put up collateral like your car, house, or property. The reason is that you are paying cash. So, you are not afraid of your collateral getting seized by anyone.
- Quicker release: Cash bonds are processed quickly by the courts since you only have to go to the court with your cash and get the process started. This means the defendant will be released quickly from custody.
Cons
- High cost: in surety bonds, you pay a percentage of the total bail amount but in cash bonds, you pay the full bail amount in cash. This is a significant financial burden because bail bonds are usually expensive.
- Ties-up fund: it is the court that is in charge of the cash bonds that are collected. So, you have no access to it. Your funds are tied up pending when you are declared innocent and entitled to the cash.
- No financing options: unlike surety bonds where you have financing options like paying in installments, there is no financing option in cash bonds. You have to pay the full amount upfront or no release from custody.
- Limited accessibility: not every defendant has the cash or means to access the cash required to pay their cash bond. So, even when some defendants are allowed to be released on bail they have no resources to pay for it.
- Lack of professional guidelines: some defendants hire a bail bondsman in Mustang, Oklahoma to still handle their cash bonds. But, the majority of the defendants decide to do that by themselves. This is not advisable because they lack the expertise to navigate the bail bonds system and legal process by themselves.
Surety bonds
Surety bonds are bail bonds where a surety company or bail bondsmen provide the court the bail amount which is usually a percentage of the bail amount, while guaranteeing that the defendant will appear in court.
Pros
- Lower upfront cost: this is the first advantage of a surety bond. In this kind of bail bond, an individual is expected to pay only a percentage of the bail amount to the bail bondsmen in Midwest City. It is usually between 10 to 15% of the bail amount.
- Flexibility: unlike in cash bonds, the bail bondsman in Edmond may offer different financing options and payment plans to their agent. This is better because clients may have other ways they may want to make payments like paying in installments or credit card payments.
- Financial protection for the court: when the court decides to release the defendant on bail, they require a bail bond because it will compel the defendant to make an appearance in court when they are asked to. Failure to appear in court makes the bail bondsmen in Altus, Oklahoma liable to pay the full bail amount which they would not want. So, they will ensure the defendant is in court.
- No need for full payment: since you are only paying a certain percentage out of your full bail amount, there is no need for full payment. This is helpful because you do not have to worry, take out loans, or borrow money for it.
- Convenience: choosing surety bonds is convenient for so many individuals because they do not have to worry about handling the paperwork for the bail bond. The bail bondsman in Nichols Hills will ensure everything is done efficiently leading to the defendant’s quick release.
Cons
- It is not refundable: in surety bonds, the defendant usually pays a percentage of the total bail amount to th bail bondsman in Lawton, Oklahoma. So, in situations where the defendant is declared innocent or their case is dismissed by the court, the premium that was paid is not refunded to them.
- Additional fees: besides the premium that is paid to the surety company or bail bondsman in McAlester, there may be additional fees or charges required of you. Administrative, filing, courier, and even collateral fees are often required by the bail bondsman in OKC.
- Collateral: in so many instances, the bail bondsman in Ardmore, OK requires collateral. This ensures that if the defendant fails to appear in court when they are asked to, and their bail bond is forfeited, their collateral may be seized. Properties, cash, vehicles, stocks, and even bonds are acceptable collaterals.
- Payment of full bail amount: if the bail bond is forfeited because the defendant refused to appear in court, they have to pay the full bail amount which is usually very high.
- Indemnification: oftentimes, the surety company or bail bondsman in Bixby, Oklahoma requires an indemnification in case the defendant does not appear in court.
Conclusion
There you have it, the pros and cons of surety bonds and cash bonds. Both are good options to choose from, but they are chosen by individuals based on their particular circumstances. So, use the information available here to make the best decision for yourself or your loved one.
