You can choose between a shape or a path for creating the loft object using the Creation Method rollout, as well as the type of action for the loft object.
Create panel >
(Geometry) > Compound Objects > Object Type rollout > Loft > Creation Method rollout
On the Creation Method rollout, you determine whether to use a shape or path for creating the loft object, and the type of action you want for the resulting loft object.
Assigns a path to the selected shape or changes the current assigned path.
Assigns a shape to the selected path or changes the current assigned shape.
Ctrl while getting the shape to flip the direction of the shape's Z axis.Lets you specify how the path or shape is transferred to the loft object. It can be moved, in which case no copy is left behind, or transferred as a copy or an instance.