While a paladin is very good at doing the last. They are failures at the first "Dealing damage"
They usually dont know anything about their class, what their job, or how to play altogether.
Its also a term used by other Paladins who make fun of any paladin who's trying to dps in the pve side of the game.
Paladin: i retri, i dps.
Me: oh great.. another loladin.
Paladin A: Whats the new guy's spec? we could really use healers at this point.
Paladin B: no, his a fucking loladin!
Paladin A: god damn it, not another one of those! if we wanted a melee dps we could have gotten a warrior or a rogue!
Paladin: OK, I'm a healadin, please invite!
Mage (to team): OMG WTF? A blood elf paladin just whispered me!
Team: OH NOES! Don't invite a loladin plx!