With so many loan companies on the internet now, one has to be extra careful so as not to fall prey to swindlers and scammers.
Among the numerous loan apps available is Naijaloan, probably heard of it before right? Yes, it is quite popular at the moment, but with all the popularity also comes skepticism.
Well here in this review Is Naijaloan Legit or Scam: (How Does it Work), every detail concerning this loan platform will be laid out for you.
Wouldn’t want to be certain before using the platform? Continue reading then
What is Naijaloan?
NaijaLoan is a groundbreaking member-to-member lending network where all participants are simultaneously lenders and borrowers.
Member-to-Member lending means that if you give a loan, you give it to a member directly on the platform, and if you apply for a loan, another member on the platform will give you the loan directly.
Naijaloan is then the middle-man who puts all of this together.
How to Register on Naijaloan
What you need to be part of naija loan
1. Mobile phone
3. 1000 naira registration fee
4. Firefox or Chrome browser
5. Visit Naijaloan.com and scroll to the end till you see the join Naijaloan button
How Does Naijaloan Work?
That means you borrow from the network, too, if you offer a loan.
So let’s assume you offer a N5,000 loan (on level 2), you get back N10,000 (the N5,000 you gave + N5,000 interest).
But at the same time, it means you don’t just offer a N5,000 loan, you even borrow N10,000.
Are you confused right? No worries. We will properly explain
Here’s an example
You gave a N5,000 loan so you could get N10,000 right? That’s Okay.
No worries, you’ll be getting your N10,000. So if you upgrade (let’s say from level 2 to level 3), the N10,000 you owe the company (that N10,000 we said you borrowed) will have to be paid back.
And the N10,000 you’ve charged upgrades you to level 3, where you’ll get N20,000 back.
So, in other words, paying N10,000 to transfer from level 2 to level 3 means you’ve paid back the money you’ve lent and at the same time, you’re offering a new loan.
What Happens If I Give a Loan and The Member Refuses to Payback?
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.
Levels on Naijaloan
There are 6 levels on NaijaLoan, and no member can risk more than N1,000, as everybody has to start from level 1.
- Pay ₦1,000
- Get ₦5,000 (1 day)
- Withdraw & upgrade to level 2
- Pay ₦5,000
- Get ₦10,000 (2 days)
- Withdraw & upgrade to level 3
- Pay ₦10,000
- Get ₦20,000 (4 days)
- Withdraw & upgrade to level 4
- Pay ₦20,000
- Get ₦40,000 (6 days)
- Withdraw & upgrade to level 5
- Pay ₦40,000
- Get ₦80,000 (8 days)
- Withdraw & upgrade to level 6
- Pay ₦80,000
- Get ₦120,000 (10 days)
- Withdraw your N120,000
Hopefully, the review Is Naijaloan Legit or Scam: (How Does it Work) was comprehensive and answered all your questions.
However, if you have further questions related to this, feel free to ask via the comment section and we will be glad to respond
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