Loli used to mean pre-puberty characters for the most part. But seems like the last 5 years or so it's become more widespread to refer to anyone whose short and/or flat-chested. Or even just any girl under the age of 18, or looks younger.
Ex: Komoe-sensei from Majutsu no Index would be considered a "loli" even though she's presumably in her 20s.
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