Do you think your love is forever? Is your partner ‘the one’? Do you you’ve found your soul mate in your partner, and that you’re willing to bet that you both will stay together forever?
If you’re sure, then you can really bet on it.
A Seattle-based startup SwanLuv, wants to grant a loan of up to $10,000 to engaged couples, who plan to get married in the next couple of years. So what’s the catch, you wonder? No catch, no hidden fees, promises SwanLuv. Well, there is this teeny tiny thing of you staying married to your partner. Huh?
Image source: Pixabay, under Creative Commons License
It means that the loan amount will be free and non-payable as long as the couple stays together. In other words, they don’t have to pay back even a cent of the borrowed amount if their marriage is successful and the couple doesn’t separate. However, if the couple does go through a divorce, they will have to pay back the entire loan amount plus the interest on that amount to date. Phew!
So, in essence, the divorced couples would be paying for the weddings of engaged couples who apply for a loan to SwanLuv.
So how does a couple go about applying to SwanLuv for the loan amount to plan their dream wedding? Simple. They just need to visit the company’s website and apply for a loan of up to $10,000, following which the company uses an algorithm software to ‘quickly assess applicant risk to determine funding offers.’ Then, the interest rate is set based on how strong a couple’s relationship is. I guess this is where the software comes into play.
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When asked whether a couple should get married if they’re unwilling to sign up for SwanLuv, Scott Avy, the CEO of SwanLuv, said,
“It really depends on where you are in your relationships. I’m betting on my relationship I’ve established with my soul mate. It’s going to be a no-brainer for the ones it makes sense for.”
The company plans to start making its first payments in February. Although some might argue that SwanLuv is basically gambling with people’s lives, Avy is confident that the company will eventually become successful as a business because couples will eventually start to separate. He may have a point there. You just need to look at divorce statistics to come to the conclusion that most marriages will end in divorce. Although this is a bleak prospect, startups like SwanLuv will make a killing on such relationship breakdowns.
According to Avy, he has received positive feedback for his venture so far. He said,
“They’re signing up for it. We’re not forcing them. It’s all by choice.”
That may be, but you, as a couple, need to make that choice of entering into holy matrimony intending to stay with your partner till death parts you.
So how is SwanLuv making money to lend them to engaged couples? Ad revenues, says a latest press release.
All we can say is good luck to the couples who are applying for SwanLuv.
Featured image source: Pixabay, under Creative Commons License