What are loans, really?

Loans are in their simplest form an agreement between a lender and a borrower about the loan terms. The lender has the funds available and lends them under specific criteria, often through an interest rate of some sort and some additional fees. This is considered the payment for borrowing the money and is paid back monthly, quarterly, biannually, or annually by the one who borrowed the money. As the agreement is made, certain aspects like amount, runtime (how long the period for returning the money is), and interest rate must be set. This is frequently done by banks to consumers, where banks have the funds available to them and lend them to their customers under a specific contract. Usually, you would need to consult a local bank to sign up for a loan, but as online banking has become more and more popular, there are several lenders offering convenient online loans and with more flexible options. While most traditional banks require a thorough investigation of your financial standpoint regarding monthly income, budgets, last year’s spending and much more, online banks only require minimum information, which makes them more accessible. Some online lenders might also offer lower interest rates since they are not burdened by paying rent for a physical subsidiary in the area.

Are online loans safe?

To ensure you're dealing with a legitimate provider, follow these steps: Online loans are safe only when you borrow responsibly and do your due diligence. Stick to verified platforms, compare offers, and don’t rush into agreements you don’t fully understand!

What happens if I can’t repay my online loan on time?

Failing to repay your online loan by the due date can lead to some serious consequences, depending on the lender’s policies and the terms of your agreement. Firstly, you may be charged late payment fees or penalty interest, which can significantly increase the total amount you owe. In many cases, these extra charges accumulate quickly, making it even harder to catch up on your repayment. Some lenders might offer a grace period or flexible repayment options, especially if you contact them in advance and explain your situation. That’s why it’s always advisable to communicate with your lender proactively if you’re struggling to make a payment on time.

It is possible to repay a loan in Spain early?

In most cases, online lenders allow you to repay your loan before the agreed-upon term. This is known as early repayment or early settlement, and it can be a smart financial move if you have the means to do so. Repaying your loan early can help you save money on interest, especially if the loan is structured so that interest accrues over time. However, it's important to check your loan agreement carefully, as some lenders may charge an early repayment fee or a small penalty for closing the loan ahead of schedule. These fees are designed to compensate the lender for the interest they would have earned if the loan had been paid according to the original schedule. Not all lenders charge them, but it's always wise to:

Loans in Spain | Consumer Loans, Fast Loans, Small Loans

Requirements to apply for a loan in Spain

Do you meet the requirements?

Be over 18 years old.

Valid form of ID, like DNI/NIE, or passport.

Have your place of residence in Spain.

Be able to prove income.

A bank account, where the loan can be deposited.

Step by step on how to get exactly the loan you need

Fill in the form

Double-check your information for any typos — even small errors could impact your approval chances.

Access your offers

These lenders are ready to evaluate your application today.

Choose the one you like best

Click through to the lender's site, and read over the contract carefully.

Receive you money

Schedule the repayment dates in your calendar to avoid late fees.

Weigh the pros and cons of getting a loan

With Moneezy, it is easy to find loans that suit your situation.
It will allow you to realize your projects.
Transparency throughout the entire process.
No loan justification.
Convenient and flexible.
The whole process is 100% online and takes minutes.

Lifestyle inflation, where you spend more money because you have more money.
Debt, if you are not careful with your budget.
Reckless spending.
Extra fees if you do not comply with payment dates.

What our experts say about online loans

Moneezy’s Expert Insights

Place close attention to the APR. In Spain, this is measured by the TAE.

Apply for more than one loan, and stick with the answer you find the most convenient.

Be mindful when choosing the amount. If it does not fit in well into your budget, you might have trouble keeping up with payments.

Place close attention to the APR. In Spain, this is measured by the TAE.

What loan options are there in Spain?

Classic loans

Personal loans (Préstamos Personales), Quick loans (Préstamos Rápidos), Mini Loans (Minicréditos), and Personal Loans without payslip (Préstamos sin Nómina) are the four different loans that follow the classic loan structure in Spain.

These loans can be used for a lot of different things:

Smaller quick loans:

An unexpected expense that has come through,
an emergency that must
be taken care of,
or invested in an item you've wanted for years.

Bigger consumer loans:

Initiating start-ups,
loans for property or vehicles,
energy optimization or renovations in your home.

The possibilities are endless, which is why the consumer loan is the most common loan.

Special loans

Consolidation Loans (Reunificación de Deudas) is a term for combining several smaller loans into one big loan, to avoid paying huge interest for several loans at a time.

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