Sniggyvest | Peer to Peer Lending Platform Scam or Legit

Sniggyvest: the platform is a lending & borrowing ecosystem that upscales membership rewards through loan hierarchies (levels).

It literally pays members some tiered returns for giving loans to participants on the platform. That is a novel approach to the whole borrowing experience.

Naturally, a prospective Sniggyvest user might want to know if the scheme is feasible. First, the company is not the first to broach this avenue with Nigerians. Naijaloan tried the same gimmick and failed woefully.

Often, the point is to get people to lend/borrow money from others on the platform. While such a model might foster enough traffic for any company to profit from ads campaign, it doesn’t suffice for loans.

Besides, there are legal steps to consider. So, why is Sniggyvest trying to sidestep basic regulation by neglecting legal procedures? The short answer is that the company lacks any tenable business ideas.

Ultimately, it is not worth throwing in with the fray because your funds will end up in the operator’s private stash. Before we say anything more about the platform, we explain some crucial aspects. You can read on below for details.

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How does Sniggyvest Work?

You already know from the previous section that the platform is all about lending and borrowing. But what’s the deal for users? Why take all that trouble to transact on a broker webpage? Here is the only answer: monetary induction.

The peak offers are eighty thousand (80000) naira per thirty-day investment period. You can work your way to the advertised peak profit by simply investing N1000 in the bottom rung.

So, participants are racing for an 80000 naira loyalty package.

However, there is more to this income beneath the high ROI veneer. The company is only one in a long line of cash-out-big platforms cue Naijaloan and Wales Kingdom Capital. Already, Racksterli left its toll on the mass of passive income seekers.

Also, skew competition is often the hallmark of a pyramid scheme.

Note that there is a difference between compliance, competitive gimmick, and reward criteria. While compliancy is widely applicable (terms of service, user policy, warranty drafts, etc.), reward criteria are for the profit cache. If you don’t meet the requirements, you won’t get a penny.

So, Sniggyvest tacks profits to the loaned amount to spur activity on the website. See the following section for the compensation plan.

Membership Compensation Plan

The deal is a recursive cash return on loan amounts, paying profits to members depending on their loan tier. Here is how it works.

Level One (caps after 5 minutes of deposit) _ available for N1000 and remits N5000

Level Two (caps after 2 days of deposit) _ available for N5000 and remits N10000

Also, Level Three (caps after 4 four days of deposit) _ is available for N10000 and remits N20000.

Level Four (caps after 8 days of deposit) _ available for N20000 and remits N40000

Level Five (caps after 16 days of deposit) _ available for N40000 and remits N800000

Upon withdrawing profits from any tier above, you will have to enter the immediate top level.

Moreover, the membership link is publicly available, although the referral code is optional. So, it could undermine the referral aspect unless the bonus for personal recruitments is appreciable.

As it happens, Sniggyvest has a referral reward bonus. How does it work?

The payment model is the typical MLM unilevel lattice, based on the platform offering a 5% bonus for all personally recruited affiliates. We don’t have any information on Sniggyvest paying out cumulative percentage bonuses on affiliates’ downlines.

Can you Make Profits from it?

Like we mentioned at the start, Sniggyvest is another low-budget scam from the same playbook as Racksterli, Norderworks, Wales Kingdom, and La Buena Vida.

With celebrities as PR agents, MLM companies tend to hijack the online passive income space. Ultimately, every hype fades, and the decrepit doodle marketed as a profit blueprint becomes public. The same thing happened with Wales Kingdom Capital (which supposedly played advisory roles to Washington and New York companies).

At the end of the line, Wales Kingdom played guest to the EFFC, while the founder (Pastor David Wales) fled Nigeria. Currently, the likes of Pilvest and Pincoin operators are in the same scam set as Sniggyvest. Why is this so?

Here is the reason. P-2-P or not, brokering loans comes with licensing from the Nigerian SEC. The crypto buzzwords don’t matter.

By the way, how does the platform get twice and thrice the money it pays on deposits? If anything, mountebanks are urban cons, which makes any company that doubles deposits within hours of transaction a scam.

The schema is a gifting pyramid. Whenever a member lends money, his funds shuffle around to a lender on a low level (membership tier), in which case Sniggyvest is a Ponzi.