In standard Relevance Theory, hyperbole and metaphor are categorized together as loose uses of language, on a continuum with approximations, category extensions and other cases of loosening/broadening of meaning. Specifically, it is claimed that there are no interesting differences (in either interpretation or processing) between hyperbolic and metaphorical uses (Sperber & Wilson, 2008). In recent work, we have set out to provide a more fine-grained articulation of the similarities and differences between hyperbolic and metaphorical uses and their relation to literal uses (Carston & Wearing, 2011, 2014). We have defended the view that hyperbolic use involves a shift of magnitude along a dimension which is intrinsic to the encoded meaning of the hyperbole vehicle, while metaphor involves a multi-dimensional qualitative shift away from the encoded meaning of the metaphor vehicle. In this article, we present three experiments designed to test the predictions of this analysis, using a variety of tasks (paraphrase elicitation, self-paced reading and sentence verification). The results of the study support the view that hyperbolic and metaphorical interpretations, despite their commonalities as loose uses of language, are significantly different.