Steve Cooper says Swansea City cannot be sure of making any loan signings in the January transfer window.
Cooper is an admirer of striker Rhian Brewster, who has been tipped to leave Liverpool on loan next month.
But the financial situation at the Liberty Stadium means Swansea may not be able to fund any deals.
"With loans it depends on an individual basis because they come with different stipulations," Cooper said.
"Until you see one and see what it's worth individually, you can't really make a decision on that."
Cooper has consistently played down the chances of Swansea making permanent signings in January.
The Swans have been cutting costs since they were relegated from the Premier League in 2017-18.
They paid only one transfer fee last summer, with Kristoffer Peterson joining from Heracles in a deal worth £500,000 rising to £1m, despite selling Daniel James, Oliver McBurnie and Jordan Ayew and releasing the likes of Wilfried Bony, Leroy Fer and Martin Olsson.
In the last January window, Bony, Tom Carroll and Jefferson Montero left on loan deals while Swansea did not make a signing.
"We are not that club at the moment that has the ability or the luxury to bring players in," Cooper added.
"But that's fine. We work with the players we have got and we try to get the best out of them."
Swansea are two points outside the play-off places ahead of their home second-tier game against Barnsley on Sunday.
Cooper's team claimed successive wins over Middlesbrough and Luton Town before Christmas but were beaten 3-1 at Brentford on Boxing Day.
"We want to play better than we did against Brentford, certainly with our ball possession and our defending," Cooper said.
"Barnsley have a new manager and have changed their formation and style of play a little bit and they have had a bit of success from it.
"We need to make sure we are ready for that while focusing very much on what we do and trying to be better than we were against Brentford."