According to the Contract Law, after signing a loan contract, the loan contract will take effect when the lender provides the loan. Therefore, if the lender fails to pay, the loan contract will not take effect.

Legal basis:

People's Republic of China (PRC) Civil Code

Article 671 Where the lender fails to provide the loan on the agreed date and amount, thereby causing losses to the borrower, it shall compensate for the losses.

If the borrower fails to collect the loan according to the agreed date and amount, it shall pay interest according to the agreed date and amount.

Article 679 A loan contract between natural persons is established when the lender provides the loan.