Rangers International Football Club plc is expected to pay off the loans as soon as enough money has been raised from season ticket sales. But it is understood no funds have yet been released, 10 days after the season ticket renewal deadline.
The financially troubled Ibrox club, which made a £14.4m loss in the 13 months up to last June, have to pay the debt by September 1 or as soon as enough season ticket revenue is raised.
The inter-creditor agreement gives approval for revenues from 2014/15 season-ticket income to be used to pay off the debt to football board chairman Sandy Easdale and shareholder George Letham.
Andy Kerr of the Rangers Supporters Assembly said: "The worrying thing is with the money going in now, it might be gone by August 1, paying current bills.
"Fans are assuming they are paying money for next season going forward, with new players or maintaining the squad you've got. But it sounds as if we are pressing for the money to come in now to keep us going during the summer.
A Rangers spokesman said: "The loans will be repaid in accordance with the terms of the agreement in a timely and proper manner. We are in regular dialogue with Mr Letham and Mr Easdale."