Loom Money Nigeria has become a new trend and now recruits and targets youthful Nigerians. And as such i felt compelled to write this article to help you make your ultimate decision to take part or desist.
Although millions of Nigerians have had a sad experience from several Ponzi schemes in the previous years, Loom has caused a stir on social media between many Nigerians.
You all recall Mavrodi Mundian Money (MMM) did crash in Nigeria in December 2016 and many of them lost their investment funds in the scheme and vowed to never again to engage in Ponzi in any way. The last time I checked, many Nigerians are already in it.
The scheme which was initially reported in the UK, by an Australian media company, ABC News, as a scam after it was viral in Australia, has recently found it's way into Nigeria.
The more people you try to introduce to the group, the faster your circle will move, and hence the quicker it becomes for you to make ' quick and easy money'
Basically, you receive eight times the amount you are investing in. If you put in N1,000 you receive N8,000; N2000 you receive N16,000, and N13,000, you receive N104,000.
However, there will always be evidence from early users in every Ponzi scheme or enterprise. But this doesn't tend to make the company, and particularly Ponzi Schemes a legitimate one.
But you all know to get the best you must be willing to pay the price or take the risk, however with loom there's only a slim margin between LOOM and DOOM!
So guys are you already participating in this quick money scheme, and if it has yielded profit, let us know using comment section below.
Although millions of Nigerians have had a sad experience from several Ponzi schemes in the previous years, Loom has caused a stir on social media between many Nigerians.
How Does LOOM Works?
The scheme which was initially reported in the UK, by an Australian media company, ABC News, as a scam after it was viral in Australia, has recently found it's way into Nigeria.
- The first step in the process is an invitation from a friend or relative to join a WhatsApp group chat. You are then requested to "invest" N1,000, N2,000 or N13,000 assuring you eight times return more after recruiting new candidates.
- After you pay in the money, you are then asked to persuade at least one person to join the scheme.
- Loom Nigeria is said to have four levels - Purple, Blue, Orange and Red.
- The person in the middle (Red) receives the target amount and leaves the group each time eight people join the loom.
- Then the loom is divided into two groups. The top half and the bottom half will become the new loom and all of them move to the next level (Purple Level – into Blue Level – Into Orange Level) and the cycle starts again.
The more people you try to introduce to the group, the faster your circle will move, and hence the quicker it becomes for you to make ' quick and easy money'
Basically, you receive eight times the amount you are investing in. If you put in N1,000 you receive N8,000; N2000 you receive N16,000, and N13,000, you receive N104,000.
However, there will always be evidence from early users in every Ponzi scheme or enterprise. But this doesn't tend to make the company, and particularly Ponzi Schemes a legitimate one.
But you all know to get the best you must be willing to pay the price or take the risk, however with loom there's only a slim margin between LOOM and DOOM!
So guys are you already participating in this quick money scheme, and if it has yielded profit, let us know using comment section below.
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| Article Name | Loom Quick Money Scheme - Fraud Or Legit |
| Description |
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| Author Name | OKORO IFEANYI |
| Published On | May 08, 2019 |
| Post Category |
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