There are no loaners through Target. None through BB or Verizon either. I think Sprint and AT&T are doing loaners but check with the carrier if you are with them. What carrier are you with?
You can return for a refund if you are within the 14 day return period or hold onto your device until the fixed Note7's are in. If you don't want to use your Note7 and don't have a backup phone, well IMO that is not smart not to have a backup device. I mean what would you do if your phone got stolen or lost? You can buy used phones off of Craig's List.
Tell him to check his email. However, if you are not within the 14 day return period, you will likely have to wait for them to figure out the procedure next week.
The other thing you can do is go up to the store and have them call ROC (not sure what that stands for) but they are the people who interact with Verizon directly. They may know more.