Can I create a new liability loan without adding an asset?

Thanks for posting here, @Race-MX.

Let me share info about setting up liability loans.

You don't need to create another asset, account unless you don't have a bank account set up in QuickBooks Online (QBO).

I'll also add steps on how you can set up a liability account to record what you owe. Feel free to follow the steps below:

1. From the Settings, select Chart of Accounts.
2. Choose New to create a new account.
3. Go to the Account Type ▼ dropdown, and select Long-Term Liabilities. Note: If you plan to pay off the loan by the end of the current fiscal year, select Other Current Liabilities instead.
4. From the Detail Type ▼ dropdown ▼ dropdown, select Notes Payable.
5. Provide the account with a relevant name, like "Loan for a car" or "Covid-19 relief loan."

For more info, check out this article: Record the loan for an asset in QuickBooks Online.

You might want to learn how to use a loan to close open invoices. Check out this article: Track customer loans in QuickBooks Online.

Feel free to return here if you have additional questions about managing loans. I'll be willing to lend a hand. Keep safe and have a good one.

The asset (the money) isn't going into my account, it's going direct to the vendor providing services so the money isn't going into my account, but I need to set up a loan in QB to track the loan and record interest payments and skip entering the asset. Can I just set up the loan by itself?

Yes, @Race-MX, you can.

All you have to do is set up a liability account to track the loan. If you don't want to apply the loan to the asset accounts, then you don't need to create a Journal Entry. You can follow the steps shared by my peer above or utilize this article: Set up a loan in QuickBooks Online.

Another option is that you can put it in the Cash On Hand account if it didn't go through a bank. 

I'm adding this article to learn more about tracking and recording loans: Customer loans in QuickBooks Online.

Reply below if you have additional questions. Keep safe.

@Race-MX 

There is no asset in this case, there's an offsetting expense.  Therefore, you need to enter the offsetting expense when you draw on the loan.  To do that, enter a bill for the vendor.  On line 1, enter the expense for the services.  On line 2, enter the loan liability account and enter the same amount as a negative.  That will increase your expense and the loan balance by the same amount.  Because the bill amount is $0, it will show as paid.