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Titties that hang below one's kneecap. Typically when speaking in terms of females with parachute bra's or undergarments that allow their tits to hang out regularly.
Grandma's nipples were all chapped from her loafers dragging on the ground; Damn bitch, if you picked up your loafers, all the neighborhood kids would stop trying to grab that shit.
Loafers by hi im TRiX January 14, 2009
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Gucci loafers

A type of footwear popular with City Slickers
Well pardon us, Mr Gucci loafers!

dole loafers

Fila trainers that chavs wear when picking up their unemployment benefit.
Mate, your trainers are proper dole loafers!
dole loafers by Yahoo Serious August 10, 2004

Lisbon Loafers 

Term adopted by fans of CBS-TV's police-procedural drama, THE MENTALIST. Came from a typically offhanded slighting remark by title character Patrick Jane (Simon Baker). Refers to the kind of just-barely-dressy beachcomber-type sandals often worn by Teresa Lisbon, co-star (Robin Tunney).

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"My firm is very conservative and frowns slightly on Lisbon Loafers, even in the summer. Actually, policy is kind of hypocritical because no one minds secretaries in them, but nonetheless it's a big turn-off to HR when a women interviews in them. Unfair, no?"

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Lisbon Loafers by al-in-chgo July 6, 2010

Light in the loafers 

Jimmy is a little light in the loafers if you know what I mean.
Light in the loafers by Mattricio January 2, 2003

Empty Set of Loafers 

In middle management a person who thinks that they know what they are doing but in reality they have no clue of what is actually going on.
That guy thinks that he knows what he is doing but he is an empty set of Loafers.
Empty Set of Loafers by Coop1964 October 30, 2015

Light in the Loafers 

Refers to a male who is perceived to be gay or homosexual. Specifically a man that has fashion sense, and a cheerful disposition. Loafers refers to shoes. It is implied that the individual is about to fly away like a fairy.
Light in the Loafers by IrateLiberal December 30, 2011