Back in December, a startup called SwanLuv got a ton of attention for its crazy business plan: They’d give you a $10,000 loan for your wedding, and you’d only have to pay it back if you got DIVORCED.
The CEO said they ran the numbers and they figured out they could be profitable. Quote, “It comes back to statistics. We have the right odds so we’ll be okay.” Well . . . looks like maybe they forgot to carry a one.
More than 200,000 couples requested loans, but the site didn’t have $2 billion to give out . . . nevermind the time to let $2 billion float around out there while they waited for people to get divorced.
So a few days ago, they scrapped the loan idea, and switched to a crowdfunding site where you’d hit up your friends and FAMILY for money instead.
But people HATED that idea, and let them know on their Facebook page. SwanLuv blamed the change on, quote, “overwhelming demand and unanticipated legal regulations and restrictions in the lending space.”
As of today, SwanLuv.com is down and we’re pretty sure the company is dead. (Consumerist)
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