It heats up the phone, killing the battery. What the **** is causing it to do this this? No apps run in the background, location and all other settings are on off mode. It happens randomly throughout the day, for a week now. If I'm not constantly checking the phone to make sure it's not over hearing, it will most likely fry. Just got this phone 2 months ago, moved from Android. I wanted to support Windows, but regret this decision. And this phone.
I'm sure you've tried rebooting the phone right? (hold down power and volume down together for about 10 seconds until it vibrates)
As far as the "loading...." goes though, have you installed the Live Lock Screen beta? (Or any other lock screen app). There's known issues with this; uninstall it! After you uninstall it, there's a trick to cleaning up after it... Kids Corner. Turn Kids Corner on only for a second, then turn it back off. This somehow "re-calibrates" the stock lock screen system.
If you didn't have any lock screen apps installed and that doesn't apply to you, let's try something else; have you received any updates lately? Are you on retail or the dev preview? Perhaps a hard reset will straighten things out for you. Of course do a backup before hand so you can restore all your apps and settings. Go to settings/about/reset your phone. Upon first start up, it'll ask you to sign into your Microsoft account and choose to restore a backup.
If none of that helps, then maybe you have a defective device and should return/exchange it from where you bought it. The 1520 is a fantastic device and I can assure you, in working order, its something you'll be very happy with! We love our 1520s here at WC!
Good luck.. Let us know how it goes!