If your loved one has gotten arrested, you need to secure a bail release right away. If you can't afford to post bail, you might think your loved one will need to stay in jail. That's not the case. You can request a bail loan instead. A bail loan lets you get your loved one out of jail, even when you don't have all the cash upfront. If you need to apply for a bail bond loan, read the list below. Here are some tips that will help you through the process.

Know Eligibility Requirements

If you need to apply for a bail bond loan, make sure you understand the eligibility requirements. There are some steps you need to take before you can apply for a bail bond loan. Some of those requirements include employment, income, and credit score. The bail bond company may also look at your arrest history. If you've been convicted of a felony, or you don't have adequate income, you can ask someone to cosign on the loan. That way, you can meet the eligibility requirements. 

Secure Your Down Payment

If you want to apply for a bail bond loan, you'll need to secure the down payment. You can provide a minimum down payment, but you might end up with bigger monthly payments. That's why it's a good idea to give a bigger down payment when you apply for a bail bond loan. 

Negotiate the Interest Rate

If you're going to apply for a bail loan, be sure to ask about the interest rates. Some states don't allow companies to charge interest rates on bail bond loans. In states that do allow interest, you can negotiate for lower rates. Lower interest rates mean lower monthly payments. Lower interest rates also mean that you can pay the loan back faster. If you get a high-interest rate to start, be sure to make your monthly payments on time. That way, you can negotiate lower payments later. 

Set Repayment Schedule

If you've applied for a bail loan, you need to set the repayment schedule. Repayment will begin as soon as your loan gets funded. You can arrange for monthly payments. Or, you can schedule your loan payments around your paydays. But, you do need to make your bail bond loan payments on time. If you fall behind on loan payments, the courts could revoke your loved one's bail bond.

Contact a company like U.S. Bonding Co. for more info.