It's not commonly used in modern Spanish, so you're unlikely to encounter it in everyday conversation.
Here are some more common Spanish words for "praise":
* Elogio: This is the most common word for praise.
* Alabanza: This word is used for formal praise, often religious in nature.
* Encomio: This word is used for praise that is given in public.
* Felicitación: This word means "congratulation," which is a type of praise.
If you're trying to translate something from another language that uses the word "loor," you're probably better off using one of these more common Spanish words.