For those who know what collateral is, they never want to have to put something up as collateral. This is because they do not want to risk losing that thing. It is completely understandable. Unfortunately, many bail bond companies require something to be pledged as collateral before they give their clients a bail bond.
For those who do not know, collateral is something of value that is pledged as security for a payment. This means that a person promises that if they fail to repay the money that was loaned, or the bail bond, then the lender can keep the object. This is helpful for companies, because it ensures that they will get paid back, even if the client stops making payments.
Typically, anything that is pledged as collateral for a bail bond has to be of very high value. After all, it has to be equal to the amount of the bail bond. This means that the collateral is usually a house, car, or something of that value.
Needing to pledge collateral can cause a lot of unnecessary stress for the person getting a bail bond. They will always be worried that if they miss a payment, they could lose their house or car. This loss would have a huge impact on the person’s life.
It is because of this stress, that Richmond Bail Bond Store does not require collateral on our bail bonds. We are here to help alleviate our client’s stress, not make it worse. All we need as collateral on our bail bonds is the signature of a working co-signer.