The most common personal loan requirements in Spain include being at least 18 years old, residing in Spain with a DNI or NIE, having a stable and verifiable income, keeping debt repayments within 35–40% of your net income, and not appearing on a register of unpaid debts. You will also need to provide documentation depending on your circumstances (payslips, employment history, income tax returns or self-employment tax forms) and be personally liable for repayment. If your profile does not meet the lender’s criteria, they may ask for a guarantor or a joint borrower.
For example, a €10,000 loan over 5 years at a nominal annual interest rate of 7% would mean a monthly repayment of around €198. In this guide, we explain each requirement with examples and answer the most frequently asked questions.
What are the requirements for a personal loan?
There is no single official checklist, but Spain’s Law 16/2011 on consumer credit agreements requires lenders to assess your creditworthiness before granting a loan. That is why all personal loan requirements revolve around the same question: can you repay what you borrow without putting your finances under strain?
Be at least 18 and reside in Spain
You must be at least 18 to sign the agreement. Many lenders also set a maximum age at the end of the repayment term, typically around 75–80. You will also need a valid DNI or NIE and a bank account in Spain to receive the funds and make repayments.
Have a stable and verifiable income
This is the most important requirement. Lenders assess how much you earn and, above all, how stable your income is. These applicants generally have an easier time qualifying:
- Employees with a permanent contract and at least 6–12 months with their employer.
- Civil servants and public sector employees.
- Pensioners.
Having a temporary contract or a variable income does not make approval impossible, but you may be asked for additional documentation, offered a smaller amount or required to provide a guarantor. To see what loan amount might fit your income, you can try our personal loan calculator.
Keep debt repayments within 35–40% of your income
Your debt-to-income ratio is the percentage of your monthly net income that goes towards debt repayments. As a guideline, your total monthly repayments, including the new loan, should not exceed 35–40%. For example, if your net monthly income is €2,000, 40% is €800. If you already pay €600 towards a mortgage and €100 towards a car loan, you would have around €100 left for a new monthly repayment.
That is why it is helpful to calculate your personal loan repayment before applying and check whether it fits within that limit.
Have a good credit history
Being listed on a register of unpaid debts such as ASNEF or Experian-Badexcom usually leads to an almost automatic rejection by traditional banks. Lenders also check CIRBE (the Bank of Spain’s Central Credit Register), which records your outstanding loans, guarantees and other credit exposures.
Among personal loan requirements, your credit history matters because it shows how you have managed repayments in the past. Repeated late payments, maxed-out credit cards or multiple applications within a short period can lower your credit score.
Documents needed to demonstrate that you meet personal loan requirements
If you are an employee
You will usually be asked for your DNI or NIE, your two or three most recent payslips, your employment history report, your latest income tax return and your IBAN. In some cases, you may also need to provide your employment contract and repayment receipts for other outstanding loans.
If you are self-employed
Because your income can fluctuate, lenders assess a longer period. They will usually ask for:
- Proof of registration with RETA, Spain’s social security scheme for self-employed workers.
- Your income tax return (form 100) and quarterly income tax payments (form 130).
- VAT returns (forms 303 and 390).
- Bank statements from recent months.
If you are a pensioner or receive benefits
If you are a pensioner, your pension certificate and DNI are usually enough. Unemployment benefits, however, are temporary, so many lenders require a guarantor or limit the loan amount. When you check whether you meet personal loan requirements through Open Banking, some of this paperwork is replaced by a transaction report validated by your bank.
Guarantees that support your loan
Personal liability
A personal loan does not require you to mortgage an asset, but that does not mean there is no backing for the debt. Under Article 1,911 of the Spanish Civil Code, you are liable for the debt with all your present and future assets.
A guarantor or joint borrower
If your profile does not meet the lender’s criteria, they may ask for a guarantor, who will be responsible if you fail to repay. Another option is a joint borrower, with either joint and several liability (the lender can claim 100% from either borrower) or separate liability (each borrower is responsible for their share). Meeting your personal loan requirements with another person’s help has consequences for them, so you should both understand the implications before signing.
Frequently asked questions about personal loan requirements
What are the minimum requirements for a personal loan?
Being at least 18, having a DNI or NIE, holding a bank account in Spain, having a verifiable income and not appearing on a register of unpaid debts. These are personal loan requirements imposed by practically every lender; the remaining criteria (length of employment, existing relationship with the bank, maximum loan amount) depend on the lender.
Which bank is most likely to approve a personal loan?
There is no “easiest” bank for everyone. It is often simpler to apply with the bank that receives your salary, as it already knows your transaction history. Rather than looking for the most lenient bank, it is better to understand how you meet each lender’s personal loan requirements and compare actual offers.
What is the monthly repayment on a €10,000 loan?
It depends on the interest rate and the repayment term. At an illustrative nominal annual interest rate of 7%, with no fees:
- Over 3 years: around €309 per month (≈ €11,120 in total).
- Over 5 years: around €198 per month (≈ €11,880 in total).
- Over 8 years: around €136 per month (≈ €13,090 in total).
A longer term reduces the monthly repayment but increases the total cost of the loan.
Can I apply for a personal loan if I am listed on ASNEF?
It is very difficult with traditional banks. The recommended approach is to settle the debt and request removal from the register before applying for new financing.
Can I get a personal loan without a payslip?
Yes, if you can demonstrate other regular income, such as a pension, self-employment earnings or rental income. In that case, supporting documents and bank statements become more important.
How CreditCheck helps you
At CreditCheck, we combine the information you provide with a transaction report validated by your bank through Open Banking. We never see your login credentials or access your account: we only receive a read-only report, with your authorisation and in compliance with the GDPR.
Using that profile, we show you which personal loan requirements you already meet, what might be holding you back and how to improve. You also receive offers tailored to your actual repayment capacity. Understanding personal loan requirements before applying is the best way to borrow only what you can comfortably repay, and creating your profile is free and comes with no obligation.