According to Lawu.com's inquiry, the contract signed by online loan fraud is invalid and has no legal effect. If a party commits a civil legal act that goes against its true meaning by fraudulent means, the defrauded party has the right to request the people's court or an arbitration institution to cancel it. According to the relevant provisions of the Civil Code of People's Republic of China (PRC), the conditions for determining that a contract is invalid include: a contract that the parties collude maliciously, a contract that violates the mandatory provisions of laws and regulations, a contract that covers up illegal purposes in a legal form, and a contract that violates public order and good customs. In addition, an effective civil juristic act should meet the following conditions: the actor has the corresponding capacity for civil conduct, the intention is true, and it does not violate the mandatory provisions of laws and administrative regulations, and does not violate public order and good customs.