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I think it's "usable", but any parent who uses it should be aware that it's one of the names with the strongest stereotypes in American culture, that of a seductive, sexually promiscuous, and dangerous and/or ethically questionable woman. That stereotype began way back in the middle of the 19th century with the infamous dancer Lola Montez. It has continually been reinforced over the last two centuries by authors and songwriters giving the name to characters who approximate the stereotype, including those already mentioned in other posts on this thread, and also the character in the Broadway musical "Damn Yankees" who sings the song "Whatever Lola Wants, Lola Gets." So the parents of any young Lola need to be prepared to help her deal with any teasing or other negative fallout she might get from this stereotype.

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https://en.wikipedia.org/wiki/Lola_Montez