Pledging €50,000: how much can they lend you?
Pledging means putting your funds, ETFs or portfolios up as collateral for a loan instead of selling them. You stay the owner and they stay invested — you keep the gains and the losses — but they are frozen for as long as the loan runs. It is the usual way to get liquidity without realising a capital gain: since a loan is not income, you pay no tax on the money you receive.
How it works in practice
The entity values what you pledge and lends you a percentage of it, the LTV (loan-to-value). At a 50% LTV, €20,000 pledged gets you up to €10,000. It is normally a credit line: you have the limit approved but only pay interest on what you draw. In exchange, the entity registers a pledge over your assets, which is why a notary signature is required. While the loan is live you cannot sell or transfer what is pledged.
Your numbers
They could lend you
€25,000
50% of what you pledge
Total interest
€1,500
On what you draw, over 3 years
How far it can fall before they call you
−50%
That is the room you have left. If your collateral drops to €25,000, the real LTV hits the limit and the entity can require more collateral or partial repayment. If you cannot provide it, they sell your assets — precisely when prices are low.
Pledge or sell: which is cheaper
Compares the interest on borrowing against the tax on selling enough to net the same amount, using the current Spanish savings-income brackets. Note: even when pledging is cheaper, selling carries no margin-call risk and leaves you with no debt.
Advantages
- ·You get liquidity without selling, so you do not realise a capital gain and do not pay tax on it now.
- ·Your money stays invested and compounding: you keep the market exposure you already had.
- ·Rates are usually well below a personal loan, because the bank holds real collateral.
- ·Normally a credit line: you pay interest only on what you actually draw, not on the whole limit.
- ·It does not break your long-term plan — you avoid selling at a bad moment just because you need cash.
Risks and drawbacks
- ·If the collateral falls, they can require more collateral or partial repayment, and sell your assets if you cannot provide it.
- ·The pledged assets are frozen: no selling, no transferring, no switching funds while the loan is live.
- ·It is debt. If your portfolio falls, you lose on the investment and still owe the full amount.
- ·The tax is deferred, not cancelled: the latent gain is still there when you eventually sell.
- ·Using it to invest more is leverage, and it hits you twice in a downturn.
How to do it, step by step
- 1
Check your assets are eligible
Not everything can be pledged. Entities publish a list of accepted assets, and it usually covers broad funds and ETFs but excludes individual stocks and more exotic products. The assets must already be held at that entity.
- 2
Decide how much you really need
Asking for the maximum is the most common mistake: it leaves you with zero cushion, so any drop triggers a margin call. Work out your figure with the calculator above and look at the cushion it leaves you, not just the amount.
- 3
Compare the cost against selling
If the tax on selling is lower than the interest you would pay, pledging makes no financial sense. The calculator does this comparison with the current Spanish savings-income brackets.
- 4
Apply and sign
The process is usually online, though pledging a loan requires signing before a notary because the pledge has to be registered. Some entities cover that cost at their partner notary.
- 5
Watch the ratio, not just the payments
Once signed, the number to monitor is not the monthly payment but the loan-to-value. Set yourself an alert well before the limit so a fall does not catch you with no room to react.
Where you can pledge
Terms as publicly communicated by each entity, cross-checked on 2026-07-26. Rates move with Euribor and with commercial policy: always confirm the current terms before signing.
MyInvestor
Official informationThey lend
50%
Minimum loan
€5,000
Maximum term
20 years
- What you can pledge
- Funds, ETFs and automated portfolios within their list of eligible assets, held at MyInvestor. Individual stocks were not covered according to their communication.
- Cost
- Rate linked to 3-month Euribor plus a spread, with fixed-rate options. The exact cost depends on what you pledge (their own portfolios are cheaper than third-party funds) and moves with Euribor.
- Fees and expenses
- No opening, arrangement or early-repayment fee. The notary signing is free at their partner notary; if you choose another one, you pay for it.
Disclosure: the button below is a referral link. If you open an account with it and meet the promotion terms, you get €25 — and whoever runs this site also receives a bonus. You can go to MyInvestor directly via "Official information" if you would rather not use it; the information on this page is the same either way.
There is no commercial agreement or sponsored content behind this page: the terms are taken from the entity’s public information and the source is linked. MyInvestor appears because it is the entity offering this product to Spanish retail investors most accessibly; if you know of others, you can say so from the contact page.
Educational content, not financial or tax advice. Pledging means taking on debt with your investments as collateral: if their value falls you may be forced to add collateral or to sell at the worst possible moment. Figures are indicative and do not account for your specific tax situation or the exact terms an entity may offer you.
Frequently asked questions
What exactly is pledging (pignoración)?+
You put your funds or ETFs up as collateral for a loan instead of selling them. The assets stay yours and stay invested — you keep any gains and any losses — but they are frozen: you cannot sell or transfer them while the loan is outstanding. If you stop paying, the bank sells them to recover the debt.
How much can they lend me for €50,000?+
Around €25,000 at a 50% loan-to-value. The percentage depends on the entity and on what you pledge: the safer the collateral, the more they lend. It is a credit line, so you normally pay interest only on what you actually draw.
What is the real risk?+
Not the interest rate — it is what happens if your portfolio falls. With €12,500 drawn, your collateral can drop about 50.0% (down to €25,000) before the loan-to-value hits the limit and the bank asks you to add collateral or repay part of the loan. If you cannot, they sell your assets — precisely when prices are low. That is the scenario to plan for.
Is it better than selling?+
In this scenario, no: the interest (€1,500) exceeds the tax you would pay by selling (€1,028), and selling also removes the margin-call risk. Pledging only makes sense here if you strongly want to keep the position invested.
Do I pay tax on the money I borrow?+
No. A loan is not income, so receiving it does not trigger tax. That is the main appeal: you get liquidity without realising a gain. Note this defers the tax, it does not cancel it — when you eventually sell, the gain is still there.
Can I use the money to invest more?+
You can, and it is the riskiest use of all. It is leverage: you amplify gains and losses at the same time, while your collateral is the very thing whose fall would trigger the margin call. A drop hits you twice — on what you bought and on the collateral backing the loan. Only consider this if you understand and can absorb that scenario.
What happens to my fund while it is pledged?+
It stays invested in your name and keeps tracking its index. What you lose is availability: you cannot sell it, transfer it to another provider or switch funds while it backs the loan. That matters if your strategy involves rebalancing.