hundreds of payday lenders will be wiped out by tougher rules designed to protect customers , experts have predicted .
it comes as wonga , the uk 's biggest payday loans firm , today revealed it racked up a £ 37.3 million loss last year following a significant reduction in uk consumer lending while it attempts to clean up its tarnished image .
wonga 's executive chairman andy haste said : ` we know it will take time to repair our reputation and gain an accepted place in the financial services industry .