The payday loan industry is backing a November referendum that would reverse the 28 percent cap on interest rates approved by the Ohio legislature.

The ballot initiative is the latest strategy in the industry's fight to keep payday loans from disappearing altogether as a result of capping interest rates, Stateline.org reported Wednesday.

Democratic presidential candidate Barack Obama and Republican counterpart John McCain both favor a 36 percent cap for payday loans.

But Industry spokesman Steve Schlein says polls show consumers don't like it when lawmakers take away their choices.

The Center for Responsible lending says 15 states and the District of Columbia have effectively banned payday lending by setting double-digit interest rate caps.

Payday business licenses in Oregon have dropped 73 percent since the state's 36 percent rate cap went into effect last year.

In Arkansas, payday outlets began shutting down after the attorney general issued cease-and-desist orders and filed lawsuits against 156 lenders.