Title loan to get SC through holidays

Below: Governor Mark Sanford and Treasurer
Grady Patterson obtaining title loan
Loss of AAA credit rating forces state to pursue alternate lenders

B & P News - West Columbia

South Carolinians got more economic bad news Tuesday, when top officials used the title to the state as collateral for a high-interest loan.

"The good news is that losing our Standard & Poor's AAA credit rating hasn't altogether stopped us from being able to borrow," said Governor Mark Sanford, outside the Paycheck Advance store on Highway 1. "The bad news is that if we default our state will be owned by this guy named Hector."

State Treasurer Grady Patterson, when asked about the title to the state about an hour after the transaction, replied only, "The Palmetto State," then farted loudly.

While some Democrats pointed to the title loan as evidence of another Sanford failure, USC Economics professor Jebediah Tweed applauded the move.

"I think the fact that the governor is supporting small businesses is great," said Tweed. "The very proliferation of these outlets is a testament to the governor's small business initiatives. I can't think of a better indicator of a healthy economy than a payday loan shop on every corner."

Cayce resident Hector Rumph, owner of Paycheck Advance, would not disclose the amount of the loan.

"I don't like to disclose personal information, such as loan amounts and interest rates," said Rumph. "Let's just say, South Hector-lina gets kind of hot in the summer, if you know what I mean."