Loom Review: Loom is a recently launched ponzi scheme which have been the talk of many Nigerians. It claims it could make you times eight of your money. How true is this? Is it Legit? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams. In this review of Loom, we provide you information based on our investigations and user experiences to help guide you make the proper decision.
What Is Loom?
Loom Money Nigeria is the latest ponzi in Nigeria. From our findings, Loom is a peer to peer pyramid that depends solely in recruitment of new investors to keep the chain running. Funny enough, this ponzi scheme has no website, no face attached to it. It works through the social media network called ‘Whatsapp’.
The Truth About Loom Money Nigeria
Loom Money is an old fashioned scam repackaged and brought into Nigeria. The scheme was first reported in the UK in 2016. Then it went viral in Australia, then social media platforms and now it is in Nigeria. However, today Loom, otherwise known as ‘Blessing Loom’ is no longer allowed in Uk or Australia.
How Does Loom Money Nigeria Work
Once you have joined the Whatsapp group chat after been invited by a friend or family,You will be asked to ‘invest’ N1,000 or N13,000 with a promise that you will make eight times the amount back once you recruit. After you have paid your money, you are asked to invite your own family and friends to join the system.There are four levels in Loom Nigeria – Purple, Blue, Orange and Red. Each time 8 people join the loom, the person in the center (Red) will get target amount and leave.The loom will then split into two groups. The top half and the bottom half become the new looms and everyone moves into the next level (Purple Level – into Blue Level – Into Orange Level) and the cycle begins again.The more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your chunk of ‘easy money’. Loom Money Nigeria promises a staggering easy cash reward of N8,000 for paying N1,000; N104,000 if you pay N13,000.
Loom Scam Review: Disturbing Things Found
Most of this scam quick-profit investment schemes are HYIPs. What is a HYIP? It is a just a type of ponzi scheme. Initial investors only get paid when new people sign up and invest, what this means is that you are under pressure to bring in new investors so that you will get paid. As soon as the amount of new investor drops, the owners do away with the money invested, and the site is closed down since there is no longer enough money to pay initial investors. Those that benefit most times are the first investors. The system is not sustainable because it will surely shut down abruptly leaving your money trapped in the hands of the scammers that set it up initially. Also Loom Money Nigeria has no official webpage where you can lay complaints in case anything happens to your money.
Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.
They are lots of online investment opportunities which could fetch you money and give you a good Return On Investment. We constantly search them out to guide our readers so they don’t fall for scams. Always feel free to interact with us in the comment section.
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