Loom Money Nigeria: How reliable is this scheme, is it another pipe dream, find out!!
Loom Money Nigeria: Mike use to be my very good friend, we knew each other inside out and will always share vital information alongside top secrets.
Mike is a public servant just like myself, we earn salary monthly and hardly enough to foot our bills and cushion other sundry expenses for the month, so it was struggling to stay afloat giving to inflation that somewhat rocks the boat of this country with reckless abandon.
Life is not an easy affair and we’re in dying need to survive at all cost, we’ve tried our hands in businesses, some failed while some met success, but we needed more money just like any other youngster in Nigeria of today.
We had so many aspirations in common, but one thing is a bit different between Mike and myself, “risk appetite”. Yes, Mike has this high risk appetite, while mine was laterally on the low.
In 2016, Mike called my attention to a scheme and told me so many sweet stories and how people were already making fortunes out of this program, when I enquired, he said it’s MMM.
However, prior my discussion with Mike, I heard about MMM in 2016, but it wasn’t my thing. It looked so promising, people were making money from it, very tempting but I kept my reserve and waited for the doom day. The promises were just too good to be true.
I advised Mike to stay away, but he wasn’t just my type. He invested and reaped his investment with embarrassing profit almost immediately. I was mocked by his success, I wasn’t deterred in any way, I kept my discipline.
At a point my friend borrowed money and invested, this time the reward moved the earth, he borrowed three times the initial amount having paid back the initial facility before the agreed date. This time, it was upward of N5m in 2017, he reinvested, boom, church closed.
MMM crashed without apology, Mike lost everything. It was like Dusk at noon. My friend went into hiding after the pressure became so intense, he couldn’t pay back the loan that was how he lost his job.
But I’m still on the job happily married to my beautiful wife and a handsome baby boy while expecting my second baby, managing life the way I can. Mike has gone twenty steps backward, he isn’t a free man to start with.
The purpose of telling this story is to usher you properly into the topic of this blog post, themed “Loan Money Nigeria”
I feel so safe to tell you that another MMM has arrived Nigeria in disguise and only the strong can survive this time around.
I know there are so many ugly stories in your neighbourhood after the dead of MMM, have you forgotten in a jiffy, don’t tell me you have such a shot memory.
WHAT IS LOOM
Before you read on, I feel so safe to tell you that Loom Money Nigeria is a Ponzi scheme, an old fashioned scam at that, however re-packaged for the new generation.
It’s a peer to peer pyramid scheme that compliments and follows the traditional MMM pyramid scheme.
LOOM MONEY PONZY, HOW DOES IT START AND WHAT’S THE DYNAMICS
This scheme was foremost reported in the UK, before it went so viral in Australia, engulf the social media and finally it arrived Nigeria in its full capacity.
Now look at how it works
- You will be invited by a friend or family, via Whatsapp, to join the Whatsapp group chat
- You are then required to invest a paltry N1k to upward of N13k promising you’ll make 8 times the invested amount the moment you recruit people
- Having paid, you will in turn invite your own friends and families to join
- They have pictorially 4 levels in loom money Nigeria system, Purple, Blue, Orange and Red
- Each time 8 persons join loom the person in the center (RED) will get target amount and leave
- The loom will split into two groups afterwards, everyone moves into new level and the cycle begins again
- The more people you add, the quicker the movement of the circle and the quicker you make the acclaimed easy money.
Can I actually make money from loom money Nigeria?
Well, if people were able to make money from MMM and still lose same, then following the loom strategy and pyramid will no doubt make you some chunk, but the question is how reliable is this program?
Let me be honest with you, if people are unable to find investors and move closer to the centre of the circle, it will collapse the same pattern with MMM. So it’s just a time bomb awaiting explosion.
One good question you should ask is, how this scheme makes the money you will get paid, for the record, they don’t sell any product or have any business that generate profit anywhere, so how come you will be paid four times possibly within 24 hours your initial investment.
If it sounds too good to be true, it’s definitely not.
Do you mean loom is not real?
While people who are into the scheme have proofs, to show you as evidence of payments to however lure you into this Ponzi, it becomes necessary to understand that Loom Money Nigeria is not sustainable investment and it’s not legal in any way.
Loom money is dangerous and the end result will sure be tragedy, if you invite your friends and family to join so you can cash out, you are just scamming them.
However, a ponzi scheme is a typical fraud that lures investors with funds. It deceives victims into believing that profits are coming from product sales, however remain unaware that other investors are the source of funds.
The Nigerian SEC has made its remark on Loom Money Nigeria, read it HERE
Kindly be informed that financengr will not be held responsible for any loss incurred by investing in loom money Nigeria. Be warned, be wise.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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