I'm sorry to hear of this. You fell for a loan scam. It is unlawful to condition the loan on the payment of an up front fee, and no legitimate company would require one. No legitimate company requests payment by an iTune card either.
The only reason for anybody to give you a check to deposit in your account and then to have you withdraw it and send money back to them in different form is to make you launder stolen money. There's absolutely no legitimate reason to do business this way. This is ALWAYS a sign of illegality.
The Federal government requires that a depositor get access to the funds within 48 hours, but the check hasn't actually cleared by then. So the scam works because you take out the money, purchase iCards (which can be traced to you as purchaser but not to them and which cannot be reversed) and then when the check bounces some time later, you end up liable to your bank.
Unfortunately, a bank account holder is strictly liable for the money he puts in or out of his account. That means you owe the bank money and will be expected to pay it back. In some instances, if you don't do that, the bank will shut down your account, blacklist you and have you prosecuted, claiming you used your account to defraud them. So you do want to pay them back. Your remedy is to go after the people who scammed you to try to get your money back.
You need to report this as a crime to your police and give them what information you have on the person. Tell them you'd like this person prosecuted. What he did to you was fraud, which is a crime, and if he's caught and punished, any conviction either by plea or verdict would require that you be paid back for your losses.
Alternatively, if you know who this person is and where he can be found, you can sue him in small claims court where you would not have to incur legal fees.
Finally, if for any reason you can't find these folks to sue or prosecute, you will be able to deduct your unreimbursed losses when you file your 2016 taxes, because when you are the victim of a crime -- and you are -- your unreimbursed losses from that crime are tax deductible.