Loose, in this context, I think, just means a tendency towards oversteer. Not the kind that will get you in trouble with big snap oversteers, but just a enough tendency that it's easy to rotate the car. I like how the car feels that way. I don't know if it's a fundamental thing that, given a perfect driver, either a loose or tight car setup is actually faster. But at least for me, being a bit loose is easier to feel and control at the limit with steering and throttle corrections, and it's easier to get the car to rotate through tight corners (both under trailing brake at the start and under throttle as you come out).
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