State officials have fined Western Sky Financial — which advertises no-collateral loans on radio and TV — $17,500 for operating in Oregon without a license and charging interest rates that violate state law.

Based in South Dakota, Western Sky advertised personal loans up to $10,000 available in a single day. It made loans to at least seven Oregon residents, charging annual interest rates between 89 percent and 342 percent, according to a news release from the Oregon Department of Consumer and Business Services.

State law prohibits consumer finance lenders from charging an annual interest rate of more than 12 percent, or 5 percent more than the Federal Reserve’s discount rate, whichever is higher. The current discount rate is less than 1 percent.

As part of the state’s cease-and-desist order, Western Sky must stop collecting interest, fees or other charges on loans made to Oregon residents. It can still collect the principal amounts.

Consumers may check to see if a lender is licensed by the state by visiting www.cbs.state.or.us/dfcs or calling toll-free 866-814-9710.