Is it fine to use looseleaf paper to compose?

This must sound awfully strange, since it's quite simple to get some staff paper, but: I have a LOT of looseleaf paper, and I simply don't feel like going out of my way to obtain a large amount of staff paper for composition. I am lazy and I have hundreds of pages of looseleaf that I don't use at all. I'd like to start composing on paper so I won't need to start up my computer in the morning just to get some ideas out. It would be great to be able to compose anywhere I'd like. Learning traditional music theory and notation could seriously help me, since I'm just a point and click, compose by ear "musician" at this point.

I'm curious if there would be any problems with doing this that I'm unaware of.

Has anyone else composed on plain looseleaf paper for an extended period of time? Were you able to easily compose on staff paper when it was available?