(ABC 6 News) — The Minnesota Department of Commerce has voided any short-term consumer loans made through the company Strategic Solution Services.

The company issued loans under the names Arrow Mountain Funding and Line of Credit Now but was not licensed for business in Minnesota nor was it complying with lending laws.

According to the Dept. of Commerce, Strategic Solution Services exceeded the amount of interest and fees that can be charged as well as the length of its loans.

These illegal loans were paid out by the tow companies for $500. After interest and fees, customers would end up paying out nearly $1700. They were then paid by deductions to the borrower’s paychecks, and if consent for the withdrawals were revoked, borrowers would be sent a $2000 bill.

As a result, the Dept. of Commerce is reminding those seeking a short-term loan to always check the lender’s license status in Minnesota, read the fine print, consider alternatives, and try to contact a local credit counseling service.

If you think you have been the victim of a predatory lender, contact the Minnesota Dept. of Commerce. More information can be found here.