is Naijaloan Review Legit or Scam (How does it work)

is Naijaloan (How does it work)

What is naijaloan

NaijaLoan is an 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. We are the middle-man who puts us together. 
That is, we’re not the one who loans you the loan, nor are we the one who borrows from you. 
But how can lenders and creditors be all stakeholders at the same time? That’s hard to respond but you’re going to get it, don’t worry. Scroll down to the next description issue.

is Naijaloan Legit (How does it work)

How to register on Naija loan

What you need to be part of naija loan
1. Mobile phone
2. Data
3. 1000 naira registration fee
4. Fire fox or chrome browser
Visit  and scroll to the end till yoi see the join Naijaloan button

Frequently ask question

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How does the borrowing and lending works

As we said, all of the members on Naijaloan are simultaneously lenders and borrowers. 
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? Create no worries. It’ll make things simpler.
Here’s the example. You gave a N5,000 loan so you could get N10,000 right? That’s Okay. No worry 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.
is Naijaloan Legit (How does it work)

What happens if I gave a loan and the member does not refund it?
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.
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Levels on Naija Loan

There are 6 levels on NaijaLoan, and no member can risk more than N1,000, as everybody has to start from level 1.

Level 1
-Pay ₦1,000
-Get ₦5,000 (1 day)
-Withdraw & upgrade to level 2

Level 2
-Pay ₦5,000
-Get ₦10,000 (2 days)
-Withdraw & upgrade to level 3

Level 3
-Pay ₦10,000
-Get ₦20,000 (4 days)
-Withdraw & upgrade to level 4

Level 4
-Pay ₦20,000
-Get ₦40,000 (6 days)
-Withdraw & upgrade to level 5

Level 5
-Pay ₦40,000
-Get ₦80,000 (8 days)
-Withdraw & upgrade to level 6

Level 6
-Pay ₦80,000
-Get ₦120,000 (10 days)
-Withdraw your N120,000 & spread-the good
is Naijaloan Legit (How does it work)

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