If you have been confronted with a formal criminal charge, either against you or a loved one, then one of your options is to take out a bail bond. However, bails bonds are not all created equal. Some will offer different and repayment terms, which means that you will need to carefully do your research before proceeding. However, you also need to be familiar with the laws of your state, since those usually exist to protect your rights. Here are some of the laws that will influence your bail bond when it comes to Arkansas:
Premiums
First of all, premiums for bail bonds in Arkansas are restricted to very specific amounts. If you are asking for $500 or less, then you will be charged exactly $50. If you are asking for more than $500, then you will be charged 10% of the amount, rounded up to the nearest $5.
In other words, if you need to get $990, then you will be charged a premium of $100, since that is equivalent to $99 rounded up to the nearest multiple of $5.
This does mean that there is a pretty strict penalty for asking for small amounts of money. If you only need to get $100 or $200, then your premium will be either 50% or 25% of the amount that you asked for. In such a situation, it's a much better idea to pursue other options for getting the money together, since that will likely save you some money.
Administrative Fees
However, there are some additional administrative fees you need to know about. Knowing about these values now can help prevent you from getting an unwelcome surprise in the future. Even though the numbers may seem high, such is the cost of maintaining your freedom and staying out of jail.
- You will be charged $20 for a public defender fee
- You will be charged another $20 for an administrative fee.
- You will be charged another $20 for a state fee.
- You will be charged another $20 for a county/city bond fee.
Ultimately, this means that you will be charged $80 on top of your premium. This further cements the fact that you should not take out a bail bond for a low value, since it's easy to see how you could end up paying more in fees and premiums than the total worth of the loan. Check out companies like Armando S Espinoza Bail Bonds for more information.
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