It always depends on the type of loan, the financial institution, the amount you wish to request and also on your particular situation.
Nationals and resident foreigners
Consult any offer of loans and credits, all entities include in their requirements the condition that you have a DNI or NIE National Identity Document (DNI) granted to nationals of Spain and as the name implies, is the document identity for people with Spanish nationality).
While the Foreigner Identity Number (NIE) is granted to foreigners with legal residence in Spain. If you have one of these documents, you will not face any problem from the point of view of nationality. The important thing for private financial companies is not your nationality, but that you are a resident in Spain. While banks have an international network, private financial institutions do not have such a presence and usually lend only to people with a domicile in Spain.
The reason is that these establishments have already suffered defaults by foreigners who came with the real estate boom and then because of the crisis or job loss they returned to their country without paying off their debts. However, sometimes it is not only enough to have a residence, but also to present a minimum age of that residence. That depends on the amount of money you want. That is, the longer you will have been living in the country, the more funding possibilities will open to you.
Other alternatives for non-resident foreigners
For the reasons we have mentioned, it is clear that if you are a foreigner without a residence, you will face several complications in most of the financial entities of the non-banking sector. To increase the probability of obtaining the loan, you must have some type of collateral or a guarantor to guarantee the operation. It depends on the particular company, in some they will put problems while in others the whole process and paperwork can be easier. In all cases, you always have the option to go to traditional banks.
Banks lend to foreigners, although they have no documents or nationality, and even with residence outside the country. How is it possible? It’s simple. As banks operate an international network, with a presence in many countries, they do not care if the customer is in Spain or in another country. Of course, it always depends on the private bank. But in general it is possible to obtain the necessary financing there.