Hi everyone and welcome to my review of Global Dream Network (GDN) where I try and find out if Global Dream Network is a scam, a legit investment or maybe something in between. So why Global Dream Network?
Well I was recently speaking to my cousin who lives in South Africa. He had been introduced to them by a colleague so he sent me an email to see what I thought.
Never one to miss he chance to review a new money making opportunity I decided to jump on in and take a look. So using his South African address and personal details I registered. And what did I find? Is Global Dream Network a scam or a dream investment? Read on to find out.
What Is Global Dream Network?
I have to be honest I’ve spent a few hours after signing up looking over the Global Dream Network site and their offering but I’m still not sure exactly what to call them!
It seems that they want to market themselves as a peer to peer lending platform but I’m not really convinced. In their “knowledge base” they say that;
“Global Dream Network is a Person to Person, Direct Funding and Crowd Sharing Platform. It brings forth a new way of raising funds for various causes, whether it is for personal needs or a host of worthy causes, such as churches, schools, non-profit organizations, etc.”
Peer to peer lending is really popular right now and a great way of connecting borrows with lenders. There are some great peer to peer lending firms like Ratesetter and Zopa and due diligence is easy to undertake as they are open and transparent about their ownership and structure.
So what about Global Dream Network? Well unfortunately the information available is so limited that it is difficult to assess, which in itself is a red flag.
The website was registered in January 2019 but all of the other relevant details are redacted for privacy. I immediately question the validity of a company if they are not open and honest about who owns them.
But let’s carry on and see how you join Global Dream Network and how their system works.
How Do You Join Global Dream Network?
So how do you join GDN? Well you have to be invited by a sponser or “upliner” If you head over to the website you can then fill in all of your personal details.
It’s worth noting that they don’t just want your name and email address but also your bank name and account number. I’m not happy putting my details in plus I don’t have a sponser so I just added random bank details and a fake sponser name and lo and behold Global Dream Network let me join.
Once inside you have your own dashboard. I am told that I need to pay 350 South African Rand (approx. US$24 or UK£19) by the end of the day of my account will be blocked.
This is apparently the minimum “donation” required to join and will be paid to my sponser. So joining seems pretty easy if you have a sponser but that’s not how peer to peer lending works.
This seems more like a cash gifting or pyramid scheme. Let’s take a closer look to see how it works.
How Do You Earn Money With Global Dream Network?
The first thing I want to clarify is that Global Dream Network is not a peer to peer lending platform. This is where money is lent and interest is paid to the lender at an agreed rate by the borrower. Also there are no products, so how does it work and how do you make money?
Well we can look to Global Dream Networks own presentation for the answer. They say that payments are sent directly from one member to another. At level one you have to donate 350 Rand (our initial joining gift!) to your sponser and then recruit two people to do the same.
You can then buy in to the 4 higher levels at a higher price and repeat the process. Before I tell you what I think Global Dream Network really is take a look at the image below from their presentation.
If you look at the structure you will see that Global Dream Network use an MLM structure to earn money. However as there are no products or services I think it is really a pyramid scheme. And as money is the only “product” that would make it cash gifting pyramid scheme.
I have to say from what I have seen I really wouldn’t want to invest in Global Dream Network. But in case you do let’s see if you can earn money and look at the different levels.
How Much Can You Earn?
The first thing to clarify are the 4 levels and the cost of joining each one. You pay your initial 350 Rand and are expected to recruit 2 members who will also pay 350 rand each (so 700 Rand in total). You are then expected to use the money earnt to buy in the next level.
This process is to be repeated until you reach level 4. Once you reach level 4 you will have made a 32,000 Rand profit on your initial investment of 350 Rand. You can see the structure in the image below.
It is important to know that it is compulsory to upgrade to the next level. If you receive payments and complete a level and do not upgrade your account will be locked.
Ok so how much can you earn? Well it’s possible to earn up to 32,000 Rand. But the thing is you are not really earning. You are just taking money from the people below you and they are taking money from the people below them.
This is a pyramid scheme and is not a sustainable business model and will eventually collapse. Yes people high up the chain can make money but as I said this kind of business is not something I would recommended.
What I Like And Dislike
I was going to have a like and dislike section but I’m afraid the like section would have been so small that I decided not to. So Is there anything to like? Well in my opinion not really. The only “good” thing is that he initial investment of 350 Rand is quite low but that’s about it.
The website itself doesn’t install confidence as it is filled with errors and a lack of information. We have no idea who the owners are and they don’t appear to be registered with any financial regulator. Overall there is a distinct lack of information about Global Dream Network.
Then there is the business model itself. With no products or services it appears to be a cash gifting pyramid scheme very similar to schemes like Cash Club Fund and Eazy Dollars, so another dislike for me I’m afraid. So with more to dislike than like I think it’s time to sum up what I found.
Is Global Dream Network A Scam? – Let’s Sum It Up
Ok so let’s sum up what we have found. At this stage I have to say that I did not pay the 350 Rand to sign up so the summary is my opinion based on what I have seen. As such I am never prepared to call anything a scam unless I have actually purchased the “product”.
What I will say is that despite what they say on their website Global Dream Network are most definitely not a peer to peer lending platform. In fact they appear to me to be a cash gifting pyramid scheme.
Whilst you could make money if you “invest” early enough in the scheme in my opinion it’s not sustainable. That combined with the lack of company information is enough for me to recommended avoiding Global Dream Network.
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Whatever you choose I hope my review of Global Dream Network has been useful. Have you had experience with Global Dream Network and of so was it similar to mine. Do let me know in the comments below, I’d love to hear from you and it’s great to share.