A lot of people get loans. A lot of people get loans who are not running for any office.
Failure to report those loans to the FEC is the problem when the loans are used for a campaign.
Redstate is very desperate.
Redstate does not seem to believe it worthwhile to have competent legal research done before pronouncing legal opinions.
Actually, Cruz did report the fact that he loaned the money to his campaign. The alleged oversight was that he didn’t disclose the source of the money as required by the FEC, instead claiming that the money came from his “personal funds”.
When you get a loan, the money isn’t yours, it belongs to the bank who charges you a fee for its use.