The Union of Fans, an umbrella group comprising six supporters organisations, wants to pool the cash in a trust until their demands are met. The controversial move follows a call by former Gers director Dave King last week for supporters only to release the funds on a "pay-as-they-play" basis.
It is a radical plan that has sharply divided opinion among the Light Blues support and has been condemned by senior officials at the Ibrox club.
Two statements released by Rangers last week called the development "de-stabilising" and "divisive" and claimed that it would "benefit no one".
But the Union of Fans have been inundated with pledges of support from fans who are unhappy with the way the SPFL League One leaders are being run.
Just under 5,000 of them have contacted the union website since the scheme was announced on Thursday to indicate their intention to withhold their money.
Craig Houston, the mastermind behind the Sons of Struth protest group, revealed the number had exceeded the expectations of Union of Fans activists.
He said: "The figures are fantastic. I thought we would maybe get close to that sort of figure after a week or so. To get that in a couple of days is amazing.
"We have been blown away by the responses we have received in such a short space of time.
"We have some initiatives that we are working on that we hope will rapidly increase the number of fans who want to lend their support to the plan."
The terms of the £1million loan that Rangers have agreed with Laxey Partners, the largest shareholders in the club, have angered many supporters.
The Isle of Man-based hedge fund is set to make a £150,000 profit on the loan when the money is paid back to them in full this September.
And the fact the loan has been secured on Edmiston House and the Albion car park facilities also worries followers of the Govan giants.
Fans want to have a representative on the club board to look after their interests and are keen to receive guarantees about how the club is run.
King released a lengthy statement on Saturday that hit back at the board's response to his call for fans to pool their season ticket money in a trust.
He will travel to Scotland from South Africa soon to ensure the trust is set up legally and to help create a fund that secures fans an "influential stake" in the club.
He also claimed that former chief executive Charles Green, who led the consortium that bought Rangers in 2012, could still be "de facto" controlling the club.
His statement read: "The board wants fans to lend money at no interest and with no security. Rangers fans are loyal but not stupid."
lRangers last night rejected internet rumours that the club will enter administration for a second time on Wednesday. A spokesman said: "There is absolutely no truth in these claims."