Source : Webster's Revised Unabridged Dictionary (1913)

Loafer \Loaf"er\, n. [G. l["a]ufer a runner, Prov. G. laufer,
   lofer, fr. laufen to run. See {Leap}.]
   One who loafs; a lazy lounger. --Lowell.

Source : WordNet®

loafer
     n 1: person who does no work; "a lazy bum" [syn: {idler}, {do-nothing},
           {layabout}, {bum}]
     2: a low leather step-in shoe; the top resembles a moccasin but
        it has a broad flat heel