Naija Loan – It seems we’re experiencing a surge in online loan providers, specifically in what appears to be a crowd funding, to say the least, most of these businesses are either found on short term ideologies or lack the structure to maintain their existence beyond certain time frame, which apparently is not good for the business.
In this guide, I will be addressing one of the very such platforms that just got birthed in Nigeria, how it’s being run, what the future holds etc.
What is Naijaloan?
This is a member-to-member lending platform, according to the owners, it has a vision of creating wealth with minimal risk to its members.
By member-to-member, it means whenever you’re giving a loan, you’re giving to a member directly on the platform, and whenever you’re requesting for a loan another member on the platform will give it to you directly.
The platform claims to be a middle man, they are neither giving or are the one borrowing the loan from you.
It claims loan members can earn up to N120,000 monthly, while starting with initial investment of just N1000.
How does that sound, smart, cool? Whatever you think, keep it to yourself at this point and keep reading.
For instance, it happens that if you give out a loan of N5000 in their level two, you’ll receive N10, 000 i.e double of the loan amount you gave, how does that sound as well? Hmmm. Money double effect.
Too many approaches are sounding too good to be true and once you start seeing or reading things like this as promise, what comes to your mind? The rebirth of MMM of course.
Haven’t said this is another MMM, but just keep coming with me, the more we journey, the more facts you can work with.
The first Red flag
“What happens if I gave a loan and the member does not refund it?
Answer “Whenever you give a loan, you are actually lending to the platform. That means the whole community will be responsible for the loan. If one member fails to pay other members will be directed to pay you.”
This is as seen on their website.
This to me simply means something is not adding up, recall they said, they are just middlemen, you’re lending to a member whenever you’re lending, likewise when you’re borrowing, how come you’re now lending to the platform whenever you’re giving out a loan, again when a member fails to pay you, other members will be directed to pay you, from whose effort or pocket to say, who then pays them.
This is pure gambling without sustainable means, what if 5 or 10% percent of these members refuse to pay, which is most certain will happen, besides, how do they make their own money. You don’t just believe they set a platform to help you reach your financial goals in Nigeria? (Mbanu).
These stories are just half baked not smart at all.
How it works
From my findings, it has a progressive matrix of six levels
You pay N1000 and get N5000 same day, you then make your withdrawal and upgrade to level 2.
You pay N5000 and get N10,000 in two days, you withdraw and upgrade to level 3
You pay N10,000 and get N20, 000 in four days, you withdraw and upgrade to level 4
You pay N20,000 and get N40,000 in six days, you withdraw and upgrade to level 5
You pay N40,000 and receive N80,000 in eight days, withdraw and upgrade to level 6
You pay N80,000 and get N120,000 in ten days, withdraw your N120,000 and spread the good news, how does it sound, rich? Don’t be deceived that much.
What existing users are saying about Naija loan
Beware of Naija loan dot com, it is definitely a scam. I signed up on this platform with N1000 earlier, so what I want to say is not guess work.
The number one problem I have with their website is high level of deceit and lies, it’s either the person that creates this website is a very clever genius who is dishonest or he’s an illiterate who is honest. His communication skills are very poor.
Level 1 pay N1000 get N5000 (1 day) withdraw or upgrade to level 2 so till level 6 with different packages.
When you want to upgrade to level 1, there’s an orange button, under the button you will find the following; “one referral needed for withdraw”. Then above they wrote ; give N1000 loan and receive N5000 in one day”
But after you have paid your up line you will see a withdraw button under transactions. At top left of your account which was 0.00 before you can now see N5000 is reflecting there (in your main balance and not affiliate balance).
So when you click withdraw button you’re redirected to a page that says jargon, that you must refer 5 persons before you can withdraw, up-line themselves are so heartless and evil, because they are so desperate for your money they can say or do anything.
My up-line didn’t specify the number of down-lines I would bring after I called him to ask even after I told him that I was skeptical. How was I to know it was five then? Or I would have laid emphasis on the number when asking.
Another thing that pained me is that all payments to up-lines are made outside their websites, you transfer your money with your phone and not through interswitch or its likes. Why then do they keep making it look like everything is online, they even said you will earn 15% commission on every referral, but that referral balance is different from actual balance.
Again, if you look at their platform statistics, you will just know their website cannot function normal, almost everybody is on level 1 or 0. After going through the platform statistics, I was no longer surprised why all the latest payment updates were N1,000.
I will advise 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’re a creative scammer, member to member donation platforms doesn’t always work – KUNLE 10/04/2020.
I have joined, and I’ve even gotten my 5k but now I can’t withdraw even though I have 2 referrals I just can’t withdraw – DAVID 10/04/2020
Facts you should know about Naija loan
- The website is very new, barely one month, you can relate this with existing starts and users as claimed by the owners on this website, something is most certainly not adding up. It lacks reputation, however, there have been some sour reports about this already.
- It does not have a physical address, have you taken your time to go through the website in search of its address, you certainly wouldn’t see it anywhere around, not even a registered business in Nigeria, so it left a lot to question.
- The real owners of this website were not even disclosed just like any honest and genuine business will do, why do you think they are hiding their identity, the dooms day is surely ahead, when it finally comes, zooming off with ease comes like a, b and c.
- They claim to have paid N10,905,000. Investigation shows they commence operations on 21st March 2020. They are equally boasting of 22,826 members as at the time of writing this review, how true and significant lcan this be? Lies from the pit of hell.
Naija loan from intelligent gathering is not different from MMM scheme, it promises a lot and will sure deliver little. Don’t be deceived by those who claim they are getting paid, somebody must be paid for another to be convinced, even MMM paid, they don’t normally have good intentions, the dooms day is always a day closer.
If you’ve invested already good luck, if you’re still contemplating, use your brain.
What has been your experience with this Naija loan, share with us so others can learn more.
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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