Naijaloan Legit or Scam? Here’s How It Works Naijaloan Review all you need to know about naijaloan that is trending in 2020.
The review about the website is what I’ll be discussing in this post to let you know if the platform is legit or scam just like many other.
Recently, some people asked me if naijaloan is a legit website or scam. So, I decided to do a quick research about the website to know if it’s real or worth joining.
Whatever it is you would want to know about naijaloan, this post has got you covered. It’s an honest naijaloan review.
Naijaloan is a lending platform with the aim of helping people to make money online in Nigeria. The website was created on the 21st of March 2020 and since then they’ve been operating as a member to member lending platform.
Member to Member lending means whenever you are giving a loan, you are giving it directly to a member on the platform.
And, whenever you are requesting for a loan, another member on the platform will give you the loan directly.
Naijaloan are the middle-man that connects everyone. That is to say, they are not the one giving you the loan, neither the one borrowing from you.
Is Naijaloan Legit?
Considering the fact that there are more of scam websites than legit one in this country, most people will want to know if naijaloan is a legit website before joining.
But it’s not easy to know if it’s real if you’ve not tested the program. As a result, I’ve tested the platform and I’ve confirmed that they are paying.
Now, you might be thinking naijaloan is legit. Well, some things are just too good to be true. Make sure you read what you should know below before you consider joining them.
What You Should Know About the Website (Naijaloan Review)
The way naijaloan works seems like a Ponzi scheme. According to the website, you need only #1000 to earn up to #120000.
This seems too good to be true. You should know that the earning system can’t continue like that without crashing anytime soon.
Although, you have a chance to benefit from naijaloan if you join early, it won’t last forever, it will surely crash soon. So, you should join now and get your share before it’s too late.
How Does Naijaloan Works?
There are six levels on naijaloan, 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.
whenever you give a loan, you are also borrowing from the platform. So let’s say you give a loan of #5,000 (on level 2), you will get #10,000 back (the #5,000 you gave + #5,000 interest). But at the same time, it means not only are you giving a loan of #5,000 on naijaloan platform, you are also borrowing #10,000.
See how it works below.
This is the default level for all members on naijaloan platform. 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. The platform will give you #120000 within 10 days. Since this is the highest level, you can only withdraw all and restart from level 1.
That’s how it works.
How to Register
To register and become a member, you’ll have to pay #1000. Your default level will be level 1. Follow the steps below to register.
Then, fill in the required details correctly and click on “Register”
After that, you’ll be paired with someone. The person is who you’ll pay #1000. This usually take few minutes.
Question most people ask
Here are the question people ask most about the program.
Is Naijaloan legit?
Yes, the website is legit, they are paying currently. Although, The website can’t be trusted.
What happens if a member refuses to refund a loan?
If this happens, naijaloan will be responsible. They will have to direct another member to refund it.
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.
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.
If you need to ask a question, make use of the comment box below.