Promotional gift of loose cheese? Right out of it (7)
I believe the answer is:
freebie
'promotional gift' is the definition.
(something given away for free to promote a product)
'loose cheese? right out of it' is the wordplay.
'loose' becomes 'free' (synonyms).
'cheese?' becomes 'brie' (Brie is an example).
'right' becomes 'R' (common abbreviation).
'out of it' suggests deleting specific letters.
'brie' with 'r' taken out is 'bie'.
'free'+'bie'='FREEBIE'
'of' is the link.
(Other definitions for freebie that I've seen before include "junket?" , "Uncharged-for item" , "treat" , "giveaway" , "Thing not charged for" .)