Like this?
while IFS= read line ; do something "$line"done <"$file"
Here is a brief test:
while IFS= read line ; do echo "$line"; done <<<"$(echo -e "a b\nc d")"a bc d
You can you readarray (bash 4+)
readarray lines < "$file"
then
for line in "${lines[@]}"; do echo "$line"done
Note that by default readarray will even include the line-end character for each line
readarray