МММ was a popular Ponzi scheme by a Russian company that became popular in the country before it collapsed.
Later, another popular Ponzi scheme came called Tradermoni few months ago and it collapsed as well.
The present one in Nigeria is Naijaloan which came with notion of lending money out replacing MMM notion of helping others to making money online.
The question: is the new Ponzi scheme a legit or scam just like many past others in the country.
Some people are asking if Naijaloan is a legit website or scam but a research about the website by Bloginsense reveals if it’s real or worth joining.
How Does Naijaloan Works?
There are six levels on the platform, and anyone interested can only start with the first level with #1000. Members of this platform are lenders and borrowers.
Naijaloan is just like a middle-man that connects each member on the platform to each other. This means that members on the platform are lenders and borrowers.
See how it works below.
This is the default level for all members. You’ll have to pay #1000 and get #5000 within one day which you can withdraw or use to upgrade to level 2.
You’ll have to a pay #5000 to upgrade to level 2 and get #10000 in 2 days which you can withdraw or use to upgrade to level 3.
To upgrade to level 3, you’ll have to pay #10000 and get #20000 within 4 days which you can withdraw or use to upgrade to level 4.
On this level, you’ll have to pay #20000 and get #40000 within 6 days which you can withdraw or use to upgrade to level 5.
To upgrade to level 5, you’ll have to pay #40000 and get #80000 within 10 days which you can withdraw or upgrade to level 6.
This is the highest level. You’ll have to pay #80000 to upgrade to this level. Naijaloan will give you #120000 within 10 days. Since this is the highest level, you can only withdraw all and restart from level 1.
I won’t recommend you join this platform because they can’t be trusted. The website’s earning system is just like a ponzi scheme. You should only join the program if you can bear the risk behind it.Hope you found this naijaloan review helpful.
I will advice others to be careful with this website. Internet scammers are everywhere and they have upgraded. Most of them can now design websites. You don’t need any format to scam people if you are a creative scammer. Member to member donation platforms doesn’t always work