This is a descriptive guide on Naijaloan review – where you will know whether Naijaloan is a legit program or another Ponzi scheme in Nigeria.
This guide will reveal to you;
- What Naijaloan is about and who founded it
- How Naijaloan works
- Whether it is a legit program or scam
Before continue reading, do you know what a ponzi scheme is when you see one?
What is Naijaloan all about?
Naijaloan is simply a member to member lending program in Nigeria. It is a platform where members can lend and borrow themselves money.
In simple terms, when you give a loan, you give it to a member on the platform and whenever you request a loan, another member pays you.
There is no information about the founders of Naijaloan but they claim to be situated at S47, Lekki-Epe, Expressway, Ajah, Ibeju Lekki, Lagos Nigeria.
They presently have over 43k members and claimed to have paid over N20m.
How does Naijaloan works?
It is not a make money online program. It is a member-member borrowing and lending platform in Nigeria that you can start with N1,000. The way it works is as follows;
Whenever you give out a loan, you are also borrowing from the platform.
Example: If you give a loan of N5,000, you will get N10,000 back. It means, you are giving out a loan and also borrowing at the same time.
Because, you will need the exact money you borrowed to to upgrade to another level.
What happens if a member does not refund/pay me?
It means the members on the platform will be responsible (not the Naijaloan admins). If one fails, other will be directed to pay you.
And that’s one of the major problems.
Levels on Naijaloan platform
The levels are shown in the screenshot below. NOTE: you can only start from level one and from there upgrade to the next and to the next.
WARNING: You join Naijaloan at your own risk!!!
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How people are likely to get scammed in Naijaloan
Remember it is a member to member platform? Good. So assuming I join the level one, paid N1,000 and requested for N5000. What will happen if I decided not to take part in the program again? The other members will suffer for it.
But then, you can’t cash out if you don’t refer at least 5 people.
It is not uncommon that human beings can be funny and that fact alone makes Naijaloan and other ponzi schemes in Nigeria unreliable.
Naijaloan registration: How to do Naijaloan sign up
- Log on to the Naijaloan site (www.naijaloan.com)
- Click on the menu icon and tap on Register
- Fill the form as shown below
- You will be prompted to fill your biodata
- Scroll down and click on Register
When you are done you can proceed to login to Naijaloan dashboard and begin ponzi scheme journey.
Is referral needed on Naijaloan?
Yes, referral is needed. What ya think before?! You must referred at least 5 members before you can withdraw your borrowed money and move to next level.
If you don’t refer, Naijaloan will run out of cash and the members won’t be able to pay each other and then, it crashes.
Is Naijaloan real, legit or another scam?
Naijaloan is a ponzi scheme in Nigeria and in almost every way resembles MMM.
Naijaloan doesn’t seem legit to me. If you join, you do so at your own risk.
See a review dropped by one time member of Naijaloan below
How does Naijaloan makes money?
When I studied the platform, all I could see was that they make their own money from the registration of members in level one.
And then, lending and borrowing is done by the members.
Wrapping up Naijaloan review
Naijaloan is not a make money online scheme. It is another ponzi scheme in Nigeria and as such, I do not recommend it to you and yours.
This review is meant to guide you before you jump into it. Need a legit website to make money online in Nigeria? Click here.
DON’T BE SCAMMED!