No.
If the Allow Managers to Approve Loan Request setting is not enabled under Control Panel → Settings → Payroll, managers will not have the option to review or approve loan requests.
In such cases, all loan requests — whether created by employees or by administrators on their behalf — will directly route to the administrator or finance team for approval and disbursement.
Note: Administrators always have full approval access to the Loan module, regardless of whether manager approvals are enabled or not.