It seems to me that anyone buying a gun should be subject to background checks. If you buy it from a private party, the same precautions should apply.
Who put this loophole in the law?
Technically there is little difference between a gifting, loaning or selling a firearm, they are all transfers. The Brady bunch would love a law requiring a background check on all transfers (Step 1). In order for this to be effective all firearms would have to registered (Step 2) which would then pave the way to confiscation on a national level(Step 3). That is why the NRA has always fought against laws, particularly on a national level, that would mandate such a scheme.