Ohio is close to having one of the strictest payday lending laws in the nation.

The state Senate Wednesday passed a bill limiting borrowers to four loans per year and capping interest rates at 28 percent.

The bill caps rates and limits loans to $500 or 25 percent of a customer’s monthly pay, whichever is less.

Supporters say it protects consumers from getting trapped in a cycle of debt.

But the payday lending industry says it will put them out of business.

The House must approve changes to the bill before sending it to the governor for his signature.