Best Payday Loans In Spain: Ultimate Guide

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 Payday Loans in Spain, Everything you need to know.

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✔️ From 1,000€ to 50,000€
✔️ Available for almost any purpose
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Fundgecko Loanfinder

Our Rating: 9.5/10

Best Fast Loan, within 10 minutes

✔️ Microloan up to 1000€
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✔️ Signup & recieve money within 10-15 mins
✔️ Low fees, just avoid late payment


Our Rating: 9.2/10

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

Younited Credit

Our Rating: 9.1/10

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


Be sure to also check out our General Guide to Loans in Spain

What Is a Payday Loan?

Payday loans in Spain, often referred to as “préstamos rápidos” or “microcréditos,” is a short-term, small-dollar loans designed to provide immediate cash to borrowers. These loans are typically repaid on the borrower’s next payday, hence the name. 

Picture this: a payday loan is like a quick cash booster shot, usually a small amount, to help you ride out the financial bumps. You pay it back when your next paycheck rolls in – that’s why they call it a “payday” loan. 

It’s the go-to option when life throws curveballs and you need cash pronto to handle those surprise expenses or fill in money gaps.

How do Payday Loans Work?

  • Application Process: To initiate the payday loan process in Spain, borrowers typically start by selecting a lender, either online or in person at a physical storefront. 
  • Eligibility and Approval: Lenders in Spain assess the eligibility of applicants based on specific criteria, such as age (typically 18 or older), steady income, and a Spanish bank account. 
    Unlike traditional banks, payday lenders may not place as much emphasis on credit scores, making these loans accessible to a broader range of individuals.
  • Loan Amount and Term: The loan amount in Spain’s payday loan market is usually small, ranging from €50 to €1,000 or more, depending on the lender and the borrower’s income. 
    The repayment term is typically short, with most payday loans due on the borrower’s next payday, which can range from 7 to 30 days.
  • Interest Rates and Fees: Spanish payday loans come with interest rates that are capped by law to protect consumers from excessive charges. 
  • Funds Disbursement: Once the loan is approved, lenders in Spain typically transfer the funds directly into the borrower’s Spanish bank account. This electronic disbursement process allows for quick access to the loan amount, often within hours.
  • Repayment: Repayment of payday loans in Spain is straightforward. Borrowers agree to allow the lender to automatically withdraw the loan amount, including fees and interest, from their bank account on the specified due date. 
  • Loan Extensions and Rollovers: In some cases, borrowers may find it challenging to repay the loan on the due date. 
    Spanish law allows for loan extensions and rollovers, but this can incur additional fees and interest charges, potentially leading to a cycle of debt that borrowers should be cautious of.
  • Consumer Protections: Spanish financial regulations provide certain consumer protections, such as the right to withdraw from the loan within 14 days of signing the agreement without incurring additional charges. 

When Should I or Should Not Get a Payday Loan?

Situation           When Should I Get a Payday Loan?                                       When Should I Not Get a Payday Loan?                                   
Urgent Financial Need   ✅ When you have an urgent financial need, such as medical expenses or car repairs, and require quick access to cash. When the need is not urgent, and you have other means to cover expenses without taking on high-cost debt.
Small Immediate Expenses✅ When you need a small amount of money to cover immediate expenses, and you can repay the loan on your next payday. Payday loans offer relatively small amounts and short terms when you require a large sum of money or a long-term loan.
Adequate Repayment Ability ✅ When you are confident that you can comfortably repay the loan, including fees and interest, on your next payday. When your financial situation is uncertain, and you’re unsure if you’ll have the funds to repay the loan on time.
No Better Alternative  ✅ When there are no better alternatives available, such as low-interest loans from traditional banks or credit unions. When you have access to less expensive forms of credit, like a personal loan, credit card, or borrowing from friends or family.
Avoiding Long-Term Debt ✅ When you want to avoid long-term debt and only need a short-term financial solution. When you’re already struggling with debt; taking on more debt can worsen your financial situation.
Responsible Borrowing  ✅ When you plan to use the payday loan responsibly, avoiding extensions and rollovers, and understanding the total cost. When you’re considering a payday loan as a frequent or primary source of funds, which can lead to a cycle of debt.

Pros and Cons of getting a payday loan in Spain

Pros of Getting a Personal Loan:

  • Quick Access to Cash: Payday loans offer speedy funding, making them suitable for emergencies.
  • No Collateral Needed: Unlike some other types of loans, payday loans are unsecured, meaning you don’t need to provide collateral.
  • Easy Application Process: The application process is straightforward and can often be completed online.
  • No Credit Check: Many payday lenders in Spain do not perform extensive credit checks, making these loans accessible to those with poor credit.

Cons of Getting a Personal Loan:

  • High Costs: Payday loans come with high fees and interest rates, making them an expensive form of borrowing.
  • Short Repayment Period: You must repay the loan, including fees and interest, on your next payday, which can be challenging for some borrowers.
  • Risk of Debt Cycle: If you can’t repay the loan on time, you may be tempted to roll it over, incurring additional fees and potentially trapping yourself in a cycle of debt.
  • Limited Loan Amounts: Payday loans provide only small sums of money, which may not be sufficient for larger financial needs.
Pros   Cons
✅ Quick access to cash   High costs   
✅ No collateral required   Short repayment period  
✅ Easy application process   Risk of debt cycle  
✅ No credit check for some lenders Limited loan amounts    

Where Can I Apply to Get a Payday Loan in Spain?

  • Traditional Banks: Some traditional banks in Spain offer payday loan products as part of their services. 
    While these banks may offer the stability and security of well-established financial institutions, they often have more stringent eligibility criteria and longer approval processes compared to alternative lenders.
  • Online Lenders: Online payday lenders have gained significant popularity in Spain due to their convenience and quick approval processes. 
    These lenders operate entirely online, allowing borrowers to complete applications from the comfort of their homes or on the go. 
    Online payday loans often have faster processing times, making them an attractive option for those in need of immediate funds.
  • Storefront Lenders: Physical payday loan stores, though less common than online options, can still be found in some areas of Spain, particularly in larger cities. 
    These storefront lenders offer in-person application processes, making it possible for borrowers to discuss their financial needs directly with loan officers.
  • Credit Unions: Certain credit unions in Spain offer payday loan alternatives with more favorable terms than traditional payday loans. These community-based financial institutions may provide lower interest rates and more flexible repayment options.
  • Peer-to-Peer Lending Platforms: Peer-to-peer lending platforms have also made their way into the Spanish lending landscape. 
    These platforms connect individual investors with borrowers, allowing for more flexible loan terms and potentially competitive interest rates.

Obtaining 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

Payday 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

What to Look Out for When Picking a Payday Loan in Spain?

  • Interest Rates and Fees: Pay close attention to the annual percentage rate (APR) and any additional fees. High APRs can significantly increase the cost of borrowing.
  • Credibility and Reputation: Research the lender’s credibility and reputation. Take a peek at what other customers are saying in those reviews and ratings. 
    It’s like getting the inside scoop on how trustworthy these folks really are. Choose lenders with a track record of transparent practices and ethical lending.
  • Hidden Charges: Payday lenders may have hidden charges, such as penalties for early repayment or fees for loan extensions. Carefully review the loan agreement to identify any hidden costs that could surprise you later.
  • Customer Support: Ensure the lender provides accessible customer support. In case you have questions or encounter issues during the loan process, having responsive customer service can be invaluable.
  • Loan Terms and Flexibility: Examine the loan terms, including the repayment schedule and due date. Some lenders offer flexible repayment options, allowing you to adjust the repayment date to align with your payday.
  • Central Credit Register (CCR): In Spain, the Central Credit Register (CCR), managed by the Bank of Spain, plays a significant role in credit assessment. Lenders use the CCR to check an applicant’s credit history and assess their creditworthiness. 
    It’s essential to be aware of how your credit history may impact your ability to secure a payday loan. If you have a history of defaults or outstanding debts, you may find obtaining a loan with favorable terms challenging.
  • Terms and Conditions: Carefully read and understand the terms and conditions of the loan agreement. 
    Ensure that the agreement outlines all fees, repayment terms, and the total amount you will repay. If any information is unclear or ambiguous, seek clarification from the lender.
  • Comparison Shopping: Don’t settle for the first lender you encounter. Shop around and compare offers from multiple lenders to find the one that best suits your needs. Look for lenders that offer competitive interest rates and transparent terms.
  • Responsible Borrowing: Assess your financial situation honestly and only borrow what you can comfortably repay on your next payday. Avoid the temptation to take out a larger loan than you need, as this can lead to financial stress.

How to apply for a payday loan?

New technologies allow us to ask for payday 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 payday loan offers.
  2. Fill out the application form with our data and the conditions of the payday 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 payday 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 payday credit installments as agreed (a salary, a pension, etc.). For example, if we earn 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 payday loans to customers with unpaid debts.

It is essential that we are responsible and that we do not take out payday 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 installments. We can use a payday loan simulator to find out the total cost of the credit and assess whether we could repay it or not.

What Documents Should I Have Ready to Present?

  • Identification: Provide a valid government-issued identification document, such as your national ID card (Documento Nacional de Identidad or DNI) or passport. 
  • Proof of Income: Lenders need to assess your ability to repay the loan, so you’ll typically be required to provide proof of income. This can include recent pay stubs, bank statements showing regular deposits, or other documents demonstrating a stable source of income.
    Self-employed individuals may need to submit tax returns or business financial statements.
  • Proof of Residence: Most lenders will ask for proof of your current address. This can be in the form of a utility bill, rental agreement, or any official document with your name and address. This helps establish your residency status in Spain.
  • Bank Account Information: You’ll need an active Spanish bank account to receive the loan funds and facilitate loan repayments. Provide your bank account details, including the account number and bank name.
  • Contact Information: Ensure that your contact information, including your phone number and email address, is accurate and up-to-date. Lenders may need to reach out to you during the application process.
  • Employment Details: Provide information about your employment status, including your employer’s name and contact information. This helps lenders verify your employment and income.
  • Social Security Number (Número de Identificación de Extranjero or NIE): If you’re an expatriate or non-Spanish citizen, you may need to provide your NIE, which serves as your identification number for financial transactions in Spain.

Loan Cost Calculation Example for a Payday Loan in Spain

To illustrate the costs associated with a payday loan in Spain, let’s consider a hypothetical scenario:

Loan Details:

  • Loan Amount: €300
  • Repayment Term: 14 days
  • Interest Rate: 15%
  • Additional Fees: €20

To calculate the total cost of the payday loan, including interest and fees:

  • Interest Cost = (Loan Amount x Interest Rate) / 100
  • Interest Cost = (€300 x 15%) / 100
  • Interest Cost = €45

Now, let’s add the additional fees:

  • Total Loan Cost = Loan Amount + Interest Cost + Additional Fees
  • Total Loan Cost = €300 + €45 + €20
  • Total Loan Cost = €365

So, for a payday loan in Spain with a loan amount of €300, a repayment term of 14 days, an interest rate of 15%, and additional fees of €20, the total cost of the loan would be €365. 


Alright, folks, we’ve reached the end of our Spanish payday loan adventure. Remember, payday loans can be a lifesaver when handled responsibly, but they’re not a magic solution. Use them wisely, stick to your budget, and explore other options when possible.

Thanks for joining us on this journey, and here’s to making smart money a choice under the Spanish sun! 

Frequently Asked Questions

Can I get a payday loan in Spain with a low credit score?

Yes, some payday lenders in Spain may provide loans without conducting extensive credit checks. However, your credit history may still impact the interest rate and terms of the loan.

How long does it take to get a payday loan in Spain?

Many payday lenders offer quick approval, often within minutes. The time it takes to receive the funds can vary, but it is typically within a few hours to one business day.

Can non-residents or expats get payday loans in Spain?

Yes, non-residents and expats in Spain can usually access payday loans, provided they meet the lender’s eligibility criteria.

Do payday loans require a credit check?

While some payday lenders may perform minimal credit checks, many focus more on income and employment status than credit history.

Do payday loans hurt my credit score?

Payday loans typically do not affect your credit score if you repay them on time. However, if you default or continuously roll over the loan, it can have a negative impact on your credit.

Why was my payday loan application denied?

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 payday 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 payday loan: the amount, the term, the interest, the APR, the commissions, the possible insurance, etc.

What is the binding offer of a payday credit?

If we ask the bank for a binding offer, it has to keep the conditions of the payday 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 payday loans be paid in advance?

Yes, by law, we have the right to pay back all or part of the principal of a payday 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 payday  loan contracts must include a 14 calendar day withdrawal period from the date of signature. During that time the payday loan can be unilaterally cancelled without the entity being able to charge penalties.

What happens if I don’t pay back a payday 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.

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 payday 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 payday 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 comparison site 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 payday 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.

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