23 Aug We Don’t Need Collateral with a Working Co-Signer
Whenever a person is making a large payment, or taking out a large loan, the seller or lender like to make sure that they will get all of the money owed to them. The most common way of doing this is by asking for collateral. This way, even if the money owed isn’t paid, the seller or lender still gets the money owed to them.
For collateral to work, the item pledged has to be equal in value to the amount of money owed. For larger purposes, this typically calls for houses, cars, property, or jewelry to be pledged. Due to this fact, people have different feelings about collateral, usually based on which side of the agreement they are one. Sellers like collateral for the security it provides, while buyers generally dislike collateral because of the extra burden it creates.
When it comes to bail, and it’s very high cost, many bail bond companies require collateral for their bail bonds. While this is great for the company, it is rough on the client who is already stressed enough dealing with the arrest of one of their loved ones. Unlike our competitors, we at Van Pool Bail Bonds in Richmond understand this fact, which is why we do not require collateral on most of our bail bonds.
Here at Van Pool Bail Bonds in Richmond, we prefer the signature of a working co-signer as collateral for the bail bond. This signature tells us that one of the people responsible for the bail bond is working and will continue to in order to pay off the bond. We prefer to trust our clients. Only in extreme cases will we ask for collateral for one of our bonds.
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Learning that someone was arrested can be a very stressful time. You do not want to add to that by having to worry about possibly losing your house or car as collateral. That is why you should come to Van Pool Bail Bonds in Richmond for help. Our caring bail agents are always here to offer their assistance and we don’t require collateral.