Loom Money Nigeria Ponzi Review
How does Loom Money Nigeria work? What is the official Loom Money website? Here is everything you need to know. Loom Money Nigeria is a peer to peer, pyramid scheme program that follows the traditional MMM pyramid system. so read below and find out how to join.
Before you read on, please take note that Loom Money is a ponzi scheme, a pyramid scheme. It is an old-fashioned scam that has been re-packaged for a new generation. The ‘Loom’ sits in a circle and every time a new person is recruited, others are pushed closer to the centre of the circle where they’re promised a payout.
How Loom Money Nigeria Works
The scheme which was first reported in the UK, then by an Australian media, ABC News (Australian Broadcasting Corporation) as a scam after it had gone viral in Australia, commenced in Nigeria recently.
The first step of the process is being invited to join a WhatsApp group chat, usually by a friend or relative. Then you are asked to ‘invest’ N1,000, N2,000 or N13,000 with a promise that you will make eight times the amount back once you recruit new entrants.
After you have paid in the money, you are asked to invite at least one person to join the system.
There are four levels in Loom Nigeria – Purple, Blue, Orange and Red.
Each time eight people join the loom, the person in the centre (Red) will get the target amount and leave the group.
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’.
The basics are that you get eight times the amount you “invest.” If you invest N1,000, you get N8,000; if you invest N2,000, you get N16,000; and if you invest N13,000 you will get N104,000
The Loom Pyramid Scheme is not new to the world. Last month, Daily Mail UK reported that the scheme has resurfaced online all over the world, with different names such as ‘loom circle’, ‘fractal mandala’ and ‘blessing loom’. In Nigeria, its central name is Loom Money Nigeria with individuals creating their own WhatsApp groups such as Preye Loom, Catherine Loom among others.
How Loom Money Nigeria Ponzi works in simple terms:
- First step: You are invited, usually by a friend or relative, to join a Whatsapp group chat
- Then you are 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
To get started ,
2. Pay N1000 Get N8000
3. Pay N2000 Get N16,000
Indicate the one you want to register for. After clicking the link, it will direct you to our whatsapp page. Indicate the amount you want to register for and an account number will be sent to you immediately. Pay to the account and you will be added to the group after your payment has been verified.
“I joined the group on Saturday and I cashed out N16,000 on Sunday, Loom is real,” said Rose, a phone outlet attendant.
She said she is presently investing for a friend of hers. Once she cashes that out, she will do another round for herself again.
Another benefactor, Gbenga Ojo, said he joined the group on Saturday with N1000 and cashed N8000 out that same Saturday.
“I have presently invested N2000 in three different groups hoping to cash out soon,
“Even if it crashes like MMM, I know I did not lose anything, “he said.
While some Nigerians are being sceptical of joining the money doubling train, some are sure they will not because of their past experience with various Ponzi like MMM, Twinkas, Charity, Zar Fund, Ultimate Cycler, Get Help Fund amongst others.
Mrs Odunayo, a government school teacher, said: “even though I didn’t lose more than one thousand in MMM, I don’t think I can do any other Ponzi.”
She said even if she would do, she would not invest more than a thousand Naira
Meanwhile, Felicia Happy, a police officer, said she can never invest her hard earned money in any Ponzi scheme.
“ I cannot invest in any of these Ponzi. Even when MMM was thriving, I did not think it twice, because I believe the day I put my money that is the day it will crash.”
Is Loom Money Nigeria Scam Or Legit?
Loom Money Nigeria has been trending lately and is recruiting and targeting more young Nigerians into their program. That’s why I have decided to write up this article to help in determining your final decision to partake or retreat from participating in it.
Loom ponzi scheme first appeared in UK and it trend like wild fire in Australia and then, it went viral on social media platforms and finally, it came to Nigeria our country.
You know Nigerians can never learn from their past mistakes because they love awoof and I will say who has ears let him hear that;
Loom money Nigeria is a pure scam and is illegal. In developed countries, you get arrested for participating in it.
These ponzi schemes comes with little attractive money to lure members because it feels like nothing to pay but when it gets to time, they pack away money in full.
Loom is an old fashioned pyramid scheme repackaged and rebranded with a new name to scam users of their hard earned money.
Exactly like MMM which was literally the old name but since the founder, Mavrodi is dead. New people came up with a new tactic to scam users using same method. In fact, “Naijaloom” which is different from “Loom” is also out with different method entirely.
If you can remember how MMM scammed Nigerians of their hard earned money, I believed you would make a U-turn by now. Now, Loom Ponzi scheme is spreading so fast.
But firstly, I will tell you how the Loom Scheme works:
Someone invites you to a WhatsApp group promising that you would get N8,000 with just N1,000 or N104,000 with N13,000 and after you’ve paid, you will be asked to come with one of your friend or relative to join the system. Are you not sensing scam? OK, let’s proceed.
There are four levels in Loom and they are Purple, Blue, Orange And Red. Immediately, 8 people joined the program, the person in RED (center) will get his target amount and leave. Then, the loom will split into top half and bottom half as the circle begins again.
Basically, the amount of people you add to the loom, the quicker the movement for you to withdraw yours.
Now, How Is Loom Nigeria A Scam?
To be honest, Loom Nigeria is a ponzi and pyramid-selling scheme and they are often illegal or not sustainable to keep the circle moving.
Follow me to see proof:
Firstly, you have to pay to join the program. And for the first person to part away with any money, he or she has to supply 8 new members.
And to make money as Loom promises, you have to supply members in this format in a WhatsApp group:
1st payment attracts 8 new people.
For 8 people to be paid, the WhatsApp group needs 8 × 8 new members = 64 new members.
For 64 people to be paid, the WhatsApp group needs 512 members which can be calculated as 64 × 8.
For 512 people to be paid, the WhatsApp group needs 4,096 new members and vice versa.
Now The Scam Appears Here:
There’s where it will reach, the ponzi scheme won’t be able to get new investors or members in the system and once that happens, the program or system will crash and pack all available money with it.
Take for example as a Nigeria:
When NNU was first out. It was working smooth and clean but as everyone enters into it, the system crashed because the referring system becomes hard and then, it crashed. It packed a lot of money along but not still as much as that of MMM.
That’s what awaits Loom Nigeria. Is a time bomb and when it gets there, it will crash like bomb and pack your full money away.
What If I Join And Make Money Quickly With It?
Is that what you think? The system can crash during your own turn and you never can tell when it will crash. It can crash early or later. It won’t only affect you, it will affect your family members that you invited to participate without knowing what it entails.
So, LOOM ponzi scheme is a pure scam and I advise you stay away from it before you regret. It’s painful when it happens. Remember, I warned.
I hope my review has been able to save your hard earned penny? What’s your say?