Visit the campuses. Loyola is in the ghetto of Los Angeles, but it does generally place better Pepperdine. It has a larger network presence in BigLaw than Pepperdine. If you graduate say in the top 30% of your class from Loyola vs. graduating the top 30% of your class at Pepperdine, you will probably have more opportunities, but either way, you'll need to hussle for placement.
I just visited Pepperdine today - The campus is pretty insane, sitting atop the Malibu Canyons overlooking miles of the Pacific Ocean. The campus setting is much like a resort... HOWEVER, the facilities themselves (classrooms, apartments, library) are quite old. You still have the ammenities such as wireless internet and such, but the buildings and the architecture are definitely dated.
I am still waiting on Loyola, but if I'm admitted there, I would choose Loyola over Pepperdine. What kind of scholarships are you being offered? Now if Pepperdine offered me money, then I would have to reconsider. If they offered me $10K a year more than Loyola, I would still go to Loyola. If we're talking like a $20k/ a year renewable, thats just money in the bag and I would take Pepperdine.