The Best Personal Loans in Spain in just one more click

Compare the best options on the market and choose the one which best adapts to your day to day needs.

Further Below: Our Guide To Personal Loans in Spain, Everything you need to know.

Our Rating: 9.1/10
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Best Fast Loan, within 10 minutes

✔️ Microloan up to 1000€
✔️ Excellent conditions for up to 4 months
✔️ Signup & recieve money within 10-15 mins

✔️ Low fees, just avoid late payment

Our Rating: 9.5/10
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Best Spanish Loan Provider Overall

✔️ From 1000€ to 50000€
✔️ Available for almost any purpose
✔️
Great for clients with a stable income
✔️
Fast process, money in 2-3 days
✔️ Website not in english, but with english support

Our Rating: 8.9/10
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Best for Small & Quick Loans

✔️ Borrow up to 300€ quickly
✔️ With account history, up to 1000€
✔️
Very transparent and user friendly
✔️ Great loan conditions, without much small print

Personal Loans in Spain, All You Need To Know:

Compare the best personal loans online for free and in just 5 minutes. From FUNDGECKO we show you the small print of all the loans on the market, we explain what you should know before contracting them and how to get the best offer.

Visit our general loans in Spain ranking & guide.

The current market for personal loans

We tell you the latest news about financing this month. Find out in a minute about the most relevant news on consumer credit.

  • The average cost of personal loans, according to data published in December by the Bank of Spain, has once again fallen to 7.52% APR. Now is a good time to find cheap credit.
  • The European Central Bank wants to encourage banks to grant consumer loans, paying 1% to banks that provide financing to families.

The criteria for granting it are hardened. The report from the Banco de España states that, during the second quarter of the year, the criteria for granting loans have hardened and it is expected that the third quarter will follow the same trend.

How to compare between online loan offers?

Just as we compare cell phones, internet rates or clothing, comparing personal loans is an essential step in finding the best offer. In order to compare we must take into account different factors that will affect the cost such as interest, but also the cost of the links, commissions or repayment time.

Example to buy credit offers and save 600 euros
In the following table we can see how to compare between online personal loan offers taking into account all factors.

Insert Table

By copying this table and performing different simulations according to the project we want to finance and the offer made by each entity, we will be able to know which one will be the best simply by comparing the total cost.

How to use FUNDGECKO to get personal loans

In FUNDGECKO our mission is to inform users about the characteristics, operation and conditions of the different financial products. Being informed as consumers will allow us to get better offers. Using FUNDGECKO is very easy:

Compare for free between the different consumer credits you are interested in.

Read carefully their files to know the contract conditions and the small print.

Solve your doubts for free in the FUNDGECKO forum thanks to its experts and other users.
Click on “Contract” and we will take you to the website of each bank so that you can follow the contracting process from there.

You can also help other users by adding your experiences and opinions about each product you hire.

Why do you look for personal loans?

There are personal loans for all tastes: to finance the purchase of a vehicle, to renovate your home, to pay for your studies, to cover unforeseen expenses… Here you can look for the credit you need and find specific offers for each purpose.

  • Financing a car
  • Financing a reform
  • Financing studies
  • Financing a trip
  • Financing ecological projects
  • Financing store purchases
  • For various purchases
  • Financing a smartphone
  • Consolidate debts

Depending on the purpose for which we want a loan, the conditions may vary. For example, to finance ecological projects or pay for higher studies, loans offered by entities have more advantageous conditions such as interest rates well below the average. Therefore, choosing the purpose will allow us to know the most suitable loans for us.

How to apply for a personal loan?

New technologies allow us to ask for personal loans both in person in an office and through the Internet. Although with nuances, the process to follow is practically the same. Let’s see what steps need to be taken to get financing for a particular project:

  1. Consult loans from various entities, either online, in the office or by phone. This way we can compare offers and negotiate better conditions. We recommend consulting at least three personal loan offers.
  2. Fill out the application form with our data and the conditions of the personal loan (purpose, amount and term) and give it to the lender (in person or online).
  3. Wait for pre-approval. In the online mode it is almost instantaneous. In the face to face mode, the process can take a few days.
  4. Send the documentation requested. Depending on the entity, we can do this by email or by going to the entity.
  5. Read the pre-contractual information that will be given to us if our request is approved. There, all the conditions of our future loan will appear: amount, term, interest, commissions, etc.
  6. Sign the contract if we like the offer (in the office or by digital signature).
  7. Receive the money. Depending on the lender, it will be paid to us immediately or in a maximum of 48 hours

Requirements for personal loans in Spain

We already know how to ask for financing and how to find the best offer, but will the lender approve our application? Of course, in order to borrow money from us, we have to be solvent enough to pay it back on time. Therefore, they will ask us to meet some minimum requirements:

  • Be over 18 years old. In some cases, we may be required to be at least 21 or 25 years old.
  • To reside in Spain. In case of foreigners, we will have to provide a permanent residence card.
  • Collect a regular and sufficient income. It is essential that we receive a salary that allows us to pay the personal credit installments as agreed (a salary, a pension, etc.). For example, we charge less than 1,000 euros, it is very unlikely that we will borrow large amounts.
  • Have a healthy level of debt. Owing a lot of money for other credits will reduce our chances of getting financing again. Our level of debt should be in line with our income (devoting 35% or less of our salary to the payment of all loans)

Do not appear in defaulters’ files. Only a few private equity companies provide personal loans to customers with unpaid debts.

It is essential that we are responsible and that we do not take out personal loans if we are not able to assume their repayment. In that sense, it is advisable to dedicate a maximum of 35-40% of the income to the payment of our loan instalments. We can use a personal loan simulator to find out the total cost of the credit and assess whether we could repay it or not.

Documentation for applying for a personal loan

To prove that we meet the requirements mentioned in the previous section, a series of documents must be delivered to the lender:

  • A copy of our identity card.
  • A bank statement in which the income and expenses of the last months can be consulted.
  • The last income tax return (especially if we ask for large amounts).
  • A proof of income: the last three payslips, the receipts of the last pensions or the payment of the self-employed receipt, the social security settlement and the VAT and income tax summary.
  • A proof of purpose, which can be the budget or the proforma invoice of the project. Normally, if we ask for a small credit, it will not be necessary to present it.

However, if we ask for the personal loan to the bank where we have our income and receipts domiciled, it is possible that we will not have to do so much paperwork. In these cases, the entity will already have many of the data it needs, so it won’t ask for them again. If we have applied for a loan with our partner, we will both have to submit the same documentation

Who grants personal loans in Spain?

Traditionally, banks have monopolized the consumer credit sector. However, they were forced to turn off the tap when the crisis broke out, which many companies and alternative platforms took advantage of to break into the market and make a niche for themselves. In this section we will see which are all the lenders we can find and how are their personal loans:

Entities that grant personal loans:

  • Bank entities
  • Credit Financial Institutions (CFE)
  • Private Lenders
  • P2P Lending Platforms

Obtain financing through banks

✔️ Variety of products: payroll advances, pre-granted credits…
✔️ Large sums of money
✔️ Long return periods
✔️ Attractive interest

❌ Slow hiring at times
❌ More commissions, usually
❌ Seniority is usually required
❌ More related products

Credit Financial Institutions (CFE)

✔️ Financing for any project
✔️ Competitive interests
✔️ Less commissions and bonding
✔️ Faster hiring

❌ Requirements as strict as banks
❌ They can operate only through stores or dealerships

Getting loans online with private companies

✔️ Concession in hours
✔️ Laxer requirements
✔️ No seniority required

❌ Very high interests
❌ Can generate over-indebtedness if not used responsibly

Personal Loans through P2P Platforms

✔️ Attractive financing conditions
✔️ 100% online application
✔️ No related products

❌ Slower hiring
❌ Exacting approval requirements
❌ Few platforms that give loans to individuals

FAQ: Frequently Asked Questions

What is a personal loan?

A personal loan is a financial instrument with which an entity lends us an amount of money in exchange for returning it after a period of time, normally by paying some interest. It is usually used to finance consumer needs such as buying a car, making a renovation, purchasing furniture, etc.

The adjective personnel comes from its guarantee, which in personal loans is “the whole of the holder’s present and future assets”, according to the Bank of Spain. This means that, if we do not return the money, our assets can be seized to pay off the debt: accounts, income, goods, etc.

Why don’t you give me personal loans?

The vast majority of applications that are denied occur because of insufficient income to pay the fees (or when they are unstable). It is also very common that we are not granted personal loans if we have debts registered in delinquency files such as ASNEF or RAI.

What is the INE form for a loan?

The Standard European Information (INE) form is a document that the lender is obliged to give us if he offers us a consumer credit. It contains all the conditions of the personal loan: the amount, the term, the interest, the APR, the commissions, the possible insurance, etc.

What is the binding offer of a personal credit?

If we ask the bank for a binding offer, it has to keep the conditions of the personal loan it offers us for a minimum of 14 calendar days. In this way, we can compare other offers without fear of losing the conditions they offer us.

Can personal loans be paid in advance?

Yes, by law, we have the right to pay back all or part of the principal of a personal loan whenever we want (although we may have to give a few days’ notice). In exchange, the lender may charge us a fee for early repayment, although the cost will be more than offset by interest savings.

What if I take out a loan online and then regret it?

Spanish regulations state that all personal loan contracts must include a 14 calendar day withdrawal period from the date of signature. During that time the personal loan can be unilaterally cancelled without the entity being able to charge penalties.

What happens if I don’t pay back a personal loan?

First, the entity will charge us interest and late fees that will increase the cost of the loan and will probably register us in defaulters files such as ASNEF. If we still don’t pay the fees, the lender will report us to claim the seizure of our present and future assets until the debt is settled.

When to Apply for a Personal Loan

You are looking to finance a project at the best possible price and you do not mind changing banks and that the lending process takes a little longer.

The effort will pay off with a stable, low interest loan that is highly tailored to your needs. The Banks we’ve recommended all have excellent offers as well as a very smooth process. Not to mention a very good level of customer service in various languages.

These loans are also most accomodating for expats, as long as you are able to show some form of income or financial assets accepted in Spain.

Foreign income is always more complicated, but the banks we’ve recommended always are quite open to issuing loans to expats, as long as they are able to understand your financial picture and you are able to produce accepted paperwork for your income and assets.

When to Apply for a Fast Loan

Fast loans are for when you looking for financing within minutes, they are for very fast injections of liquidity in case of emergency. For almost any other situation, we would recommend looking for a more complete loan.

Be careful: Abusing fast loans can cause serious debt issues. Always have a plan to keep up with your payments as defaulting can inflate your debt very quickly.

Wrapping Up

As mentioned earlier, all of these options are excellently positioned to help you get out of your short to medium term financial worries.

I hope one of my recommendations ends up being your solution.

However, always remember to be cautious with lenders. Do not take out more that you can afford the monthly payments on.

And stay safe.

About this page, our methodology

What this page is for: our goal is to help you get the best financing for your needs. Therefore, here we explain you what credits with personal guarantee are, how you can compare them to know which one suits you and which offers are the most attractive right now.

Source: the information regarding the main characteristics of personal loans and their current regulation comes from Law 16/2011 on consumer credit contracts among other reference portals.

Methodology: the data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About FUNDGECKO: we are an online comparator specialized in personal finance and home economics products. Here you can, in addition to comparing the conditions of all offers, find quality information that will help you identify the personal loans that best suit your needs.

Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.

2 Comments. Leave new

  • David John Portlock
    September 9, 2020 11:58 am

    How much for 22000€ over 4 years

  • Hi David,

    For that it really depends on you situationally. I’d recommend going through Younited credits process and let them offer you something.

    We’ve found they offer very competitive rates and conditions.

    All the best,

    Scott

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