The Best Payday 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 Payday Loans in Spain, Everything you need to know.
Our Rating: 9.7/10
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✔️ 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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✔️ 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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✔️ Borrow up to 300€ quickly
✔️ With account history, up to 1000€
✔️ Very transparent and user friendly
✔️ Great loan conditions, without much small print
Compare the best payday 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.
We tell you the latest news about financing this month. Find out in a minute about the most relevant news on consumer credit.
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.
Just as we compare cell phones, internet rates or clothing, comparing payday 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 payday 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.
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.
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:
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:
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 instalments. 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.
To prove that we meet the requirements mentioned in the previous section, a series of documents must be delivered to the lender:
However, if we ask for a payday 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
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 payday loans:
Entities that grant payday loans:
✔️ 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
✔️ 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
✔️ Concession in hours
✔️ Laxer requirements
✔️ No seniority required
❌ Very high interests
❌ Can generate over-indebtedness if not used responsibly
✔️ Attractive financing conditions
✔️ 100% online application
✔️ No related products
❌ Slower hiring
❌ Exacting approval requirements
❌ Few platforms that give loans to individuals
A payday 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 payday 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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 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.