Personal loans in Spain

Overview

Personal loans (préstamos personales) in Spain are unsecured loans for general purposes, distinct from a mortgage. Approval depends heavily on your income stability and existing debt, which can be a genuine challenge for recent arrivals without a long Spanish financial history.

Requirements

• Stable, demonstrable income, usually including some history of Spanish income or employment
• A reasonable debt-to-income ratio — most lenders want your total debt repayments well below a set share of your income

Step-by-step process

• Compare loan offers from a few banks, since interest rates (TAE, the annual percentage rate including fees) vary meaningfully
• Gather your income and employment documentation
• Submit your application, which the bank assesses against your income, existing debt (checked via CIRBE, the Bank of Spain's central credit registry) and any default record (checked via files like ASNEF)
• Review the binding loan offer carefully, including the total cost and repayment schedule, before signing

Required documents

• NIE
• Proof of income (payslips, employment contract, or tax return if self-employed)
• Bank statements showing existing account activity

Common mistakes

• Applying without an established Spanish income history, then being surprised at a decline or a high interest rate offer
• Not comparing the TAE (which includes fees) across offers, focusing only on the advertised interest rate

Practical tips

• Having an existing relationship with a bank (an active account, direct deposits) generally improves your chances and terms compared with applying as a completely new customer
• You can request your own CIRBE report for free from the Banco de España to see exactly what existing debt is on record before applying

How Tuchati can help

Tuchati can't provide financial advice, but can help you understand the general process and what documentation to prepare before applying.