Some Bondsmen Offer Recession Rates

In a recession, crime rates have been shown to increase.   More crime leads to more arrests, which would logically lead one to think the bail business is booming.  However, the tough economy is adversely affecting bail agents as well.  It is hard for people to come up with the 10% to pay the bail agent, and harder to put up the collateral for the bond with the sagging housing market.  To combat this, the Associated Press is reporting that more bail agents are offering payment plans and low premiums.  Critics claim that these payment plans undermine the bail system and place the community at risk.  However, people now are desperate to get their loved ones out of jail no matter what it takes.

Agent Jose Marquez, of Signature Bail Bonds in Santa Ana, said he’s turned down some bizarre deals of late: one man offered his beloved 15-year-old pooch as collateral. Marquez is financing twice as many bonds on credit than a year ago — and he feels pressure to cut deals to stay afloat.

“Before, it was only a fraction of them that wanted credit, but now it’s the first thing they ask for,” Marquez said.

While payment plans or credit card payments for bail are not legal in all states, they are legal in most.  Experts note that it is not easy to track if there has been an increase in skips and, due to the amount of time bail agents have to find a skip before the bond is forfeited, the affects of bail on credit will not be known for a while.

Do you offer financing at your bail agency?  Do you think this type of financing hurts the community?  Sign in with your Google account and comment below!