It can be observed that cognitive sociolinguistics is an emerging field of linguistics, being a union of cognitive linguistics and sociolinguistics, which sheds different light on the notion of language variation. The paper aims at discussing a socio-cognitively oriented, usage-based approach as a new horizon in studies on lexical borrowings, also referred to as loanwords. The loans have been addressed, first of all, from the perspective of historical and structural linguistics so far. The overview of the research in question shows that there are only few (recent) works discussing lexical borrowings from the mentioned functional perspective. As has been noticed, according to the usage-based account, language changes due to speakers’ actions. To be precise, it undergoes modifications compliant with the way people use it. In this respect, loanwords are treated as linguistic changes/innovations which are propagated within a given community and become new conventions. In general, the usage-based approach focuses on an analysis of authentic examples of loanwords in context and a socio-cognitive reference, e.g. person- and community-based entrenchment, which has not been done by the prior research. Moreover, it has been observed that cognitive sociolinguistics and contact linguistics have certain points of contact as one can even speak of cognitive contact linguistics.