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Loom Online Money Making scheme

All you need to know about the Loom Online Money Making scheme

Just as various online money making platforms evolve daily, there's one which seems to trend these days.

The Loom” or “Blessing Loom” is a money making venture that has been, digitally, travelling around the world for some time now. To put it short: one is invited, usually by a friend or relative, to join a simple, circular, money making system — its circular form makes its members believe it is not a pyramid system, but when one would virtually pull up the center of the circle and lift it, one would quickly see the circle evolving into… yes, a pyramid! Entering the system is as simple as paying a small amount of money.

All you need to start “the game” is a Whatsapp account, some patience and — this is key — you are asked and expected to invite at least 2 or more of your beloved friends, family and acquaintances. The more people you manage to add to the circle, the quicker the movement

One fact still remains that these groups grow exponentially, and quickly run out of new people. And the scheme is only profitable while new people are coming in. The way the math works out, whenever a scheme putters out, at least 88% of the people involved end up losing money. Because most people involved in a scheme were convinced to join by their friends, this ends up tearing communities apart."

The points listed below are what 'Loom' offers:

  • You are told about a 'business opportunity' to join in a group where you make money by recruiting new members.
  • The group might look like a game or a buying club, or it might be promoted through a chain letter.
  • There might be some goods or services to make it look legitimate but their value is low and they don't seem to be related to the high returns you've been promised.
  • The promoter tells you, "This is not a pyramid scheme".
  • You are promised instant wealth or a new type of earning that is different to traditional ways of earning money.
  • You are discouraged from asking questions.

 Now the question is...
Is Loom a scam or not?

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