COLUMBUS, Ohio — Ohio is poised to pull the plug on payday lending.

The state legislature has finished work on a bill which would cap interest rates at 28% and is ready to send it to the governor, according to organizations on both sides of the controversial short term loans.

Opponents of the loans celebrated the pending cap and the payday lending industry decried it, with state industry leaders saying they will not be able to remain in Ohio under the cap. The state payday lending trade group, the Ohio Association of Financial Service Centers said that 2000 people marched to the state capitol building on May 6 to support the loans.

But the Center For Responsible Lending, a subsidiary of the $304 million Self Help Credit Union and a leading payday lending opponent, celebrated the bill moving out of the state legislature, estimating that consumers would save $210 million per year in payday lending fees.