If it sounds too good to be true, odds are, it is.
We tweeted recently about SwanLuv, a startup that offered applicants $10,000 weddings with only one string attached ”“ if the marriage ended in divorce, the couple would have to pay the company back the $10,000 plus interest. The lofty promises of the startup set fire to news and social media sites and no doubt got a bunch of couples excited about the prospects of that free cash.
Well, lack of commitment is a horrible way to start a marriage, and it looks like when the time came to write the check, SwanLuv left its applicants at the altar.
Overwhelming Demand Caused SwanLuv’s Change Of Heart
Despite the obvious cynicism of the company’s approach (betting on divorce ”“ well, the odds are definitely in SwanLuv’s favor, but still), the company reported that it would need over $2 billion to meet the demand it generated. Without the cash on hand, SwanLuv’s founder had two choices. He could either pull out completely or adjust the funding model. He chose the second.
Now, instead of using failed marriages to fund future marriages, SwanLuv acts much more like a GoFundMe or Kickstarter page, allowing couples to crowdsource funds for their nuptials.
The disappointment is real, but unfortunately, there is little that can be done to force SwanLuv’s hand. No contracts have been signed and no money has been exchanged. Call it false advertising, a bait and switch, whatever you like. Best of luck to all of those couples affected by the change.