(It does not detect carbon monoxide in the passenger compartment.)
You should notify whoever gave you the loaner car. It could be something as minor as a loose gas cap, to any number of malfunctions which could damage the engine, or emission system. I would not drive it, as they could say that you are responsible for whatever problem is causing the check engine light to indicate a problem.
It is not dangerous...and if it breaks down it is the mechanic's problem.
Sometimes is just a sensor playing up.
The worse that can happen is it stop and you need recovery.
As long as the light is not flashing. You should not get stuck. Contact the shop where you got it from.
I would not hesitate to drive the car. The check engine light means there is an error message on your computer. You can go to autozone or another parts place, ask them to read the error code and reset the codes. The check engine light will go out.
Record the error code. If it stays out, there is not problem and you're good to go. If it shows another error, you can still drive it until you get your car back. Or you can notify the people who loaned it to you and see what they want to do.
We were lent a car while my other one gets fixed. This ones light to check the engine was on right when we got it. Is it dangerous to drive it? Can it be link to Carbon monoxide leaking into it, which can be a danger?