Can immigrants ask for loans in Spain?

Financial exclusion is one of the biggest problems suffered by the immigrant population. According to the recent Survey of Financial Skills (ECF), carried out jointly by the Bank of Spain and the CNMV, 8% of immigrants say they do not have a checking account, compared to 2% of those born in Spain. In addition, while almost half of those born in Spain have a savings vehicle, only 26% of immigrants own them. Regarding the credit card, while 58% of those born in Spain have this payment tool, only 40% of immigrants have one.

On debts, either in the form of a mortgage or personal loan, while 42% of those born in Spain have a debt, only 33% of immigrants say they have requested some credit. The fear of immigrants to be rejected by the bank or that many of them do not meet the strict requirements demanded by traditional entities and their requests are denied, these figures explain.

Many of them choose to apply for an online loan, which is a simpler process. To do this, they must be over 18 years old and be residents in Spain. More information on this website. In this case, valid identity documents to request a loan depend on the country of origin. If they belong to the EU, they must present a national identity document with a photograph of the owner together with a recent address receipt in a Spanish locality, such as an electricity bill.

In the home that they come from a non-EU country, they have to present their foreign identification card (TIE) or residence permit. To finish, having an online bank account, an email address and a mobile phone number will also be necessary.

4.8 million foreigners in Spain

The Spanish population reached a record 46.9 million people at the end of 2018. Last year, 643,037 people arrived in our country, 20.8% more than in 2017. This is the highest figure since the National Institute of Statistics (INE) began developing the Migration Statistics series 10 years ago. Specifically, 559,309 foreign immigrants came to Spain, 23.2% more than in 2017, also the highest figure since 2008.

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Thus, the number of foreigners residing in Spain grew 6.3% (285,554 more people) during 2018 and stands at 4.8 million, the highest figure since 2013, when they started leaving our country due to the economic crisis.

By country of origin, Moroccans are the largest nationality in Spain with 714,239 people. These are followed by the Romanians, with 671,233, and the British close the podium, with 287,292. The top five are completed by the Italians (244,148), the Colombians (199,540) and the Chinese (190,624).