When your friend or family member contacts you and asks for help with getting a bail bond, you may have a lot of questions, despite your love and desire to help. This is totally normal. Co-signing for a bail bond can be a big decision, and the situation is usually not peachy.
One of the biggest questions co-signers have is in regulars to how a bail bond may impact his or her personal credit score. If the person you want to help is not reliable and there is a chance of them running, non-payment could negatively impact your credit. With that said, there are steps that you can take to reduce the risks involved with co-signing on bail bonds Lincoln County.
1. Make Sure You Are On the Same Page
When you first consider co-signing for a bail bond, talk to your loved one to see where he or she is coming from. What state of mind is he or she in? How well do you know him or her? What is your relationship like? Before making a decision, make sure you are both on the same page.
2. Think Carefully About Your Decision
After you get all of the information in front of you, take some time to think carefully before making a decision. Obviously, time is limited, but even if it is only a night or two, give yourself time to think about your finances and all of the factors in the situation.
3. Have a Back-Up Plan
While there are many honest people, it is wise to have a back-up plan if you are in a financially vulnerable position yourself. Because co-signing legally ties your credit history to the actions of someone else, it can be in your best interest to have emergency funding available for yourself.
At the end of the day, helping a friend or family member with a bail bond can be a huge favor for a loved one. If you trust the person you are helping, risks are typically minimal.