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/Sounds like "peh" (as in "pet") + "LOO" (as in "loop") + "cheh" (as in "check")/

Meaning

Boyfriend, girlfriend, or romantic partner in Ecuador, a sweet, tender term of endearment. Calling someone your peluche (stuffed animal) is peak Ecuadorian cuteness.

Examples

He's my peluche, we've been together for two years.

My peluche gave me the best birthday surprise.

Regional synonyms
Bandera de México
Ruco
Bandera de Chile
Pololito

To flirt without commitment, to be in that limbo with someone where you're not together but not just friends either. The classic 'we have a thing but we're nothing official.'.