Legal analysis: the online loan application was approved, but the money was not received and no repayment was needed. The effective elements of a loan contract require that the money be paid to the account designated by the borrower, and the loan contract will not take effect until it reaches the designated account.

Legal basis: Article 9 of the Provisions on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases can be considered as having the valid elements of the loan contract between natural persons in Article 210 of the Contract Law if it is under any of the following circumstances:

(1) Pay in cash from the date when the borrower receives the loan;

(2) If the payment is made by bank transfer, online electronic remittance or online loan platform, it shall start from the date when the funds reach the borrower's account;

(3) If the bill is delivered, it shall be from the date when the borrower obtains the bill right according to law;

(4) When the lender authorizes the borrower to control a specific fund account, the borrower obtains actual control over the account;

(5) The lender provides the loan in other ways agreed with the borrower and actually performs it.