Lancaster is seen as being good in Business, I'd say more so than Loughborough.
I've not done much research into the areas but from threads I've read, I recall both being said to be a little 'quiet' with regard to student life, certainly if you want lots of clubs and a city kind of feel.
The student satisfaction for Business at Lancaster is, I think, in the top five in the country (I was on their site recently).
Prestige wise, I get the impression people say Lancaster's a bit 'forgotten' because while it's a respectable Uni, it's not listed when others on a par with it (Newcastle, Leeds, etc) are given. Loughborough's more often than not associated with sports, but I doubt there's much between the two generally.
I'd probably say, based on its superiority in Business, that Lancaster's better - it's an area it specialises in.