In times of financial crisis, people tend to be very creative on how to make money or how to help others make money. The lockdown, due to the pandemic, is one of those times supposed great minds strung forth with income platforms. One of the most talked-about income platforms was Lendi Network, not to be confused with the Australian Home Loan Provider, Lendi.
When Lendi Network showed up mid last year (2020), people started asking questions like “Has anyone tried it?” “Can I lose money?” “What if it crashes?” “What if it’s just another MMM?” and several other questions you can imagine.
You probably have a question or two. Not to worry, you’ll get your answer(s).
What you need to know about Lendi Network
To spare you all the professional or not so professionaljargon, Lendi Network, is a copycat of the Australian Lendi Home Loans founded in 2013. Unlike its original, Lendi Network doesn’t offer loans, but some kind of peer-to-peer lending investment with at least 50% ROI three to seven days after investing.
You pay in (or lend) some certain amounts (not less than N2000) and you get paid (or someone lends) the same amount with interest (in three days if it’s your first and seven days for subsequent payments). That’s okay, right? In order to keep people in, you can only make a withdrawal after you reinvest, so your money is still in the system. That’s smart.
That’s how it works, you lend mister A and mister A lends mister B until some random letter lends his to you. You can pay in cash or cryptocurrency (Bitcoin and Fiat). You see, life is made easy.
Is Lendi Network for real or a scam?
There are several ways to confirm if a business is legit. The most common is the contact information on the website. Lendi network checks out with a phone number, email, and an imprecise contact address. Next is ownership, Lendi Network is a business without an owner or even a face. This is the first red flag, where there is money, there should be a face to trust.
Any business that involves OPM (other people’s money) should be registered. No record, license, or certificate was found regarding Lendi Network as a registered business. Yet another red flag. A deep dive was done on reviews from customers (you can call them clients) based on their overall experience with Lendi Network.
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Early reviews showed that people were paid with testimonies and proof of payment. Later on, the reviews were more of discontent and bitterness. People were not being marched and those that were marched were not paid. Within a few days the system crashed and the domain name Lendi Network which was registered on the 26th of May, 2020, became unavailable. More red flags.
Several blogs, posts, and comments tag Lendi Network as a Ponzi scheme that operates with a pyramid. Another rob peter to pay Paul shenanigan which always ends in tears.
At first, every Ponzi scheme pays, the early birds enjoy whatever the late birds bring to the table until everybody eventually stops bringing. This leaves those that joined the table late with nothing to eat.
A lot of people know this and try to join early, encourage others to join, and pull out when there is nothing left. They are the real heartbreakers.
Some articles also tried to play it safe, claiming they don’t know for sure if Lendi Network is a legitimate business or not. The truth remains “a spade will always be a spade” and you should always call it that. You are probably wondering what’s the conclusion? Is it legit or not? Well, here it goes… you already know.
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