The Loft is a square sheet that is useful for cloaks, flags and other sheet-like models.
The Loft is also the trickiest primitive to draw as it requires several strokes in a certain order to work.
In practice I usually quickly sketch the 3 or 4 strokes required then use the curve editing tools afterwards to achieve the right shape.
5.1. The Cloak
Select the Create Loft Tool and draw the three strokes below in the Front view
in the order given (Centre,Bottom,Top)
Next right click on the top and bottom curves and rotate them 90 degrees (Press 'E' for rotate tool) using the Blue handle in the Left view.
This in turn creates a rippled effect on the cloak.
You could also slightly increase the Depth slider in Object Properties to add thickness to the cloak.
5.2. The Fingernail
You can also draw Lofts with 4 curves - one for each side of the square sheet.
For example the fingernail below:
After drawing the curves I shaped them with the Soft Move tool and improved their shape with "Curve/Redraw As.../Ellipse Arc".