Lose and Loose are often used incorrectly.
Lose refers to loss. I can lose my keys, or lose a game of tennis, or lose my mind; or lose potential revenue. The word "loser" is also slang for a misfit, especially someone who has seldom been successful at a job, personal relationship, etc.
Loose, on the other hand, is the opposite of tight. For example, the screws were loose so the chair fell apart when Humpty Dumpty sat on it. The word "Loose" is sometimes also used to denote moral decadence (as in loose character).
|Meaning||Not tight||Related to loss (to not win, or to misplace, or to not make a gain)|
"Loose vs Lose." Diffen.com. Diffen LLC, n.d. Web. 20 Aug 2014. < http://www.diffen.com/difference/Loose_vs_Lose >