The Collaborative International Dictionary of English v.0.48:

Loaf \Loaf\, v. i. [imp. & p. p. Loafed; p. pr. & vb. n.
   Loafing.] [G. laufen to run, Prov. G. loofen. See Leap.]
   To spend time in idleness; to lounge or loiter about. "
   Loafing vagabonds." --W. Black.
   [1913 Webster]