So, in the event that you end up with a relative in jail, and bail is set for $50,000 or less, do not despair. That is exactly the type of situation that a bail bond agency is meant for. The good news is, even if bail was set at $50,000, the bond agency only needs ten percent, or $5,000, from you. Working with that number as an example, here is how to acquire that money without losing anything important to you.
Personal Loan from a Bank
Borrow what you can from a bank. If a bank is willing to lend you the full amount (i.e., $5,000), take it. Your bail bond borrowing flowchart ends here. If the bank is only willing to lend you a lesser amount, take it anyway. The interest charged on most bank loans, even if they are unsecured, is better than anything else you can get. Then move on to a title loan.
Get a Title Loan
Despite the rate charged on a title loan for a vehicle, it is still better than most credit cards by comparison, UNLESS you are able to get a 0% interest card for six months. (Then get the 0% credit card. You may actually need it for whatever cash advance limit is offered for that six months with no interest.) With a title loan on a car in decent shape that is not a luxury or sports vehicle, you may get around $1,500, give or take $500-$1,000. If that and the bank loan are all you need, your flowchart stops here. If it still is not enough, move on to credit card advances.
Get Credit Card Advances
Credit cards charge a high-interest rate on advances; sometimes as much as 36%. The ideal situation is to find credit cards with the lowest cash advance interest rate, PLUS 0% interest for six months. If you pay off all those cards in six months, then you will dodge the massive interest hike at the end of the introductory periods.
Sadly, most credit cards will not advance you more than a few hundred dollars. Even the best of cards will only advance up to $1,000, so you may need two or three credit cards to collect enough advances to get a $1,000. If you have a card with a $5,000 limit, and the card is free and clear of charges, AND the bond agency takes plastic, you could just charge the balance of the money you do not have from other sources.
For more information, contact a company like All Night & Day Bailbonds.
Hello, my name is Sigmond Jenner. Welcome. I am here to talk to you all about acquiring personal loans for emergency expenses. Although everyone should have an emergency fund in a savings account, there are many barriers to achieving that goal. In the meantime, you can look into acquiring a loan to cover emergency expenses that may come up. You should be prepared ahead of time, so you can act fast when unexpected financial expenses arise. I will provide information you can use to prepare yourself for this process. Please come back again anytime to learn more about acquiring loans as needed.