In Spain, a loan between private individuals is legal if it rests on a written contract, a traceable transfer and a tax-exempt modelo 600 filing; crowdfunding platforms, for their part, must be licensed by the CNMV, the securities regulator.
The Spanish civil framework for the préstamo between individuals
The Spanish Civil Code governs money loans, called préstamo or mutuo, from Article 1740 onwards. A private individual may lend their own savings to a relative or a third party, provided they do not turn it into a regular, profit-making business.
Private contract or notarial deed: which to choose
A private contract signed by both parties is enough between individuals, but an escritura pública before a notary gives a certain date and enforceability that help if payments stop. For large amounts, see our page on the notary's role in a private loan.
Modelo 600: a mandatory filing with no tax to pay
A loan between individuals falls under the transfer tax known as ITP, from which it is exempt. The borrower nevertheless files modelo 600 with the tax authority of their autonomous community, in principle within thirty working days of signing.
Interest received and the lender's IRPF
Interest collected by a resident lender counts as income from movable capital, taxed in the savings base of IRPF, Spanish income tax. Without an interest-free clause, the tax office may presume payment at the statutory rate. See also how private loans are taxed.
No numerical usury cap in Spain
Unlike France, Spain sets no numerical ceiling. The 1908 Azcárate usury law lets a judge cancel a loan whose interest is notably higher than the normal price of money and manifestly disproportionate, as with some revolving credit cards.
Crowdlending platforms licensed by the CNMV
Since European Regulation 2020/1503, crowdfunding platforms must be licensed as providers (PSFP) by the CNMV, a framework completed in Spanish law by Law 18/2022. They mainly fund businesses or property projects, and rarely personal credit.
Non-bank professional lenders: Law 2/2009
A company that grants consumer credit without being a credit institution falls under Law 2/2009 and must register in the relevant public registers, national or regional. A so-called anonymous private lender making loan after loan escapes this protective framework.
Borrowing from abroad or as a French resident in Spain
A French national living in Spain needs an NIE, the foreigner identity number, to declare the loan and open a local account. If the lender lives in France, each country applies its own reporting rules; our page on loans for expats covers this case.
Fake lender scams aimed at Spain
Facebook ads, WhatsApp messages, lenders claiming to be based in Madrid or Valencia, processing fees demanded before payment: the pattern is well known. The CNMV regularly publishes warnings about these unauthorised entities, nicknamed chiringuitos financieros.
Where to report credit fraud in Spain
A victim can file a complaint with the Policía Nacional, the Guardia Civil or, in Catalonia, the Mossos d'Esquadra. INCIBE's 017 helpline gives free cybersecurity advice. Our guide on how to report a loan scam completes these steps.
Family loans and the risk of being treated as a gift
The Spanish tax office may treat an undocumented loan between relatives as a gift, taxed under inheritance and gift tax, or as an unexplained capital gain. A 2025 Supreme Court ruling requires a consistent contract, source of funds and bank transfer.
Spain's big cities: different local contexts
Madrid concentrates financial headquarters and the Latin American diaspora, Barcelona attracts expats and Erasmus students, Valencia and Seville mix tourism with modest incomes, and Zaragoza lives off logistics and car making. Each autonomous community handles modelo 600 itself.
Steps for a compliant private loan in Spain
- Check the lender's identity with their DNI or NIE and turn down anyone who never shows up in person.
- Draft a préstamo contract stating the amount, term, interest rate or interest-free status, schedule and full identity of both parties.
- File the exempt modelo 600 with your autonomous community's tax authority within the legal deadline.
- Pay the sum only by bank transfer between named accounts, never in cash or cryptocurrency.
- Repay according to the signed schedule and keep every statement showing transfers back to the lender.
- The lender reports interest received in their annual IRPF return, within the taxable savings base.
Indicative costs of a peer-to-peer loan in Spain
| Item | Amount in euros (indicative) | Key point |
|---|---|---|
| Agreed interest rate | Free; interés legal del dinero at 3.25 % in 2026 | No numerical cap, courts review usury |
| ITP via modelo 600 | 0 € (exemption) | Filing mandatory despite no tax being due |
| Notarial escritura | Varies with the official notarial scale | Optional, useful for large amounts |
| IRPF on interest | 19 % to 30 % depending on amount (indicative) | Owed by the resident lender |
| PSFP platform | Commissions vary by platform | Check the licence in the CNMV register |
| Upfront fees demanded | Probable total loss | Typical sign of a scam |
Documents to gather before signing in Spain
- Spanish DNI, NIE or passport of both parties
- Dated and signed private préstamo contract
- Proof of the borrower's income (nóminas, IRPF return)
- Filed modelo 600 and its receipt
- Proof of the initial bank transfer
- Signed repayment table
- Statement proving the source of the lender's funds
Mistakes and warning signs in Spain
- Paying so-called notary or insurance fees before receiving the funds: no honest lender asks for money to release a loan.
- Handing over cash without a contract, which makes it impossible to prove the loan to the Agencia Tributaria.
- Trusting a lender met on social media who displays a fake Banco de España authorisation.
- Forgetting modelo 600, at the risk of the sum being reclassified as a gift or an unexplained capital gain.
- Agreeing to pay by gift card, cryptocurrency or through an unknown foreign intermediary to obtain the loan.
Questions about private lending in Spain
Do you pay tax to declare a peer-to-peer loan in Spain?
No. The loan is subject to ITP but exempt. Modelo 600 must still be filed, usually by the borrower, with the autonomous community. Any interest, however, is taxable under IRPF for the resident lender. An asesor fiscal will confirm regional rules.
Does the Spanish tax office accept an interest-free loan?
Yes, if the interest-free status is written into the contract and can be proved. Without a clear clause, the tax office may presume payment at the statutory rate and claim the matching IRPF from the lender. Keep the contract, modelo 600 and bank statements.
How can I check a Spanish lending platform?
Consult the CNMV register of crowdfunding service providers and its list of warnings. For a credit institution, the Banco de España keeps the register of supervised entities. A website missing from these lists should receive neither money nor personal data.
Can a French resident lend to a relative living in Spain?
Yes. The contract can be bilingual, and the loan must be declared on both sides: modelo 600 in Spain, and form 2062 (French form for declaring loans) in France above 5,000 €. Check the exact duties with both tax administrations or a notary.