The words lose and loose have different meanings. I always find people
using the spelling 'loose' when they want to refer to something which go out of their hand or go out of control.
For example: "Please don't lose the key, there is no spare key"
Mr. Raj's memory is fading, he often loses his wallet"
I find people using the spelling loose when they want to refer to something similar to the above context.
Now let us examine the word loose : It means too large, not tight.
For Example: Your shirt is very loose. Please alter it.
The lid of the jar is loose. Tighten it immediately.
Please note:: Lose is a verb. The tense forms are lose/lost/lost.
However, loose is an adjective. It modifies the noun.
Loose fitting dresses are not comfortable to wear.
Don't lose patience, continue working hard. Someday you will win.
If you leave the lid of the jar containing sugar, ants will enter it.