The words ‘lose’ and ‘loose’ are so commonly confused probably because they are spelled almost the same way and sound almost the same way too. The difference between them goes beyond the presence of the double ‘o’ in the second word as we would soon be seeing.
It is really simple.
‘Lose’ is a verb used to mean to be unable to find someone or something; to fail to win (a game, contest, etc.); or to fail to keep or hold (something wanted or valued).
On the other hand, ‘loose’ is an adjective meaning not tightly fastened or attached.
The trousers seems so loose around my waist
The leash should be loose around that dog’s neck.
It is painful to lose your wallet at the market square.
It would be tragic if Chelsea loses the game to Real Madrid
I hope I do not lose the money I was given yesterday.