The third version of Google Payday Loans algorithm rolled out on 12 June 2014. The objective behind rolling this algorithm update is to target highly spammy queries. So if you are working for a website that generates extremely spammy queries such as payday loans, pornographic keywords then you can’t survive from the hand of this algorithm. This update rolled out globally and its affects different languages to different degrees.
In the last month along with Panda 4.0, Google rolled out the second version of this update which affects 0.2% of English queries and the first version was rolled out in June 2013 which affects 0.3% of the U.S. queries. According to Matt Cutts, the second version was designed to target spammy sites while the third version was designed to hit spammy queries such as “payday loans”, “casinos”, “viagra” or any other keywords related to pornography. No need to panic if your site is not related to the industry which generates specifically spammy queries because this algorithm is specifically designed only for highly spammy queries.