Some sophisticated SEO link spam for 'pay day loans'

Out of curiosity, I looked up that particular pay day loan site's backlink profile. They went from having zero websites linking to them to around 250,000 in the matter of a few hours. All of the links had anchor text with some variation of 'payday loans' or 'payday loans UK'

Here's a screenshot of their backlink increase: http://i.imgur.com/Qo20DkL.png

Doesn't look like they are ranking on page 1 yet for any of those terms, which is good. Hopefully Google is on to them.