The Collaborative International Dictionary of English v.0.48:

Loafer \Loaf"er\, n. [G. l[aum]ufer a runner, Prov. G. laufer,
   lofer, fr. laufen to run. See Leap.]
   1. One who loafs; a lazy lounger. --Lowell.
      [1913 Webster]

   2. A type of shoe without laces which can be easily slipped
      on or off; -- originally a trademark; as, he bought a new
      pair of loafers.
      [PJC]

WordNet (r) 3.0 (2006):

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