Loiter with a low companion (5)
I believe the answer is:
mooch
'loiter' is the definition.
(I've seen this before)
'with a low companion' is the wordplay.
'with' says to put letters next to each other.
'a low' becomes 'moo' (I've seen this before).
'companion' becomes 'ch' (I've seen this in other clues).
'moo' next to 'ch' is 'MOOCH'.
(Other definitions for mooch that I've seen before include "Loiter in bored fashion" , "Wander aimlessly" , "Move aimlessly" , "Loiter in bored manner" , "Loiter listlessly" .)