Salient features of schufa is explained in brief

Schufa is a General Credit Protection association formed in Germany in the year 1927. The electrical company in Berlin Municipality started to create records of its customers who paid back their loan installments on time. Success of this process led to the creation of schufa.

Schufa allows creditors to see their economic activity and worthiness by checking their database. It is easy to check the schufa credit at a bank counter. Schufa is activated as soon as you open a bank account.

 

One can get instant Credit without schufa (kredit ohne schufa) provided he has a strong income status. Schufa score includes a mention about your income status. If this is not showing your accurate status, even then you can get Credit without schufa (kredit ohne schufa) within 24 hours provided you can show that you have strong income record. It is clear that one can get approval for loan from lenders even if he has a negative schufa.

What is negative schufa? It is a term used by direct lenders for helping the borrowers understands accurate information by searching for this constraint. It can be considered as a barrier for getting his loan approved. Most often applications with negative schufa are rejected. But in the direct lenders platform, loan approval for Credit without schufa (kredit ohneschufa) can be achieved without much difficulty. It means that there is a scope for loan for approval even with this negative schufa.