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You should generally avoid using WD-40 on a ceiling fan. While it might quiet a squeak temporarily, it is primarily an anti-corrosion and water displacement agent, not a true lubricant, and can damage the fan's components over time. Most modern ceiling fans have sealed bearings and do not require oiling, so a squeak may indicate another issue. For fans that do require lubrication, it is better to use a light machine oil, 30-weight motor oil, or a lubricant specifically designed for ceiling fans.

While ceiling fans shouldn’t get loose over time, they still can—especially if they’re installed incorrectly. A wobbling or tilted ceiling fan can shift the screws out of place, causing it to loosen and become a fall risk. It’s important to tighten screws and balance blades as soon as you notice that they’re misaligned or uneven to prevent the ceiling fan from loosening further and becoming a hazard.

If you think your fan needs to be oiled, the first thing that you have to do is cut the power to the fan. The best and safest way to do this is by flipping the circuit breaker that leads to that room.  Depending on the model of your fan, you may need to remove a cover. Look for a hole labeled oil. If there isn't one, check the manual or look for schematics online. Once located, use the recommended lubricant or spray. 

A ceiling fan can become unbalanced for several reasons. Common causes include an accumulation of dust and dirt on the blades, which adds uneven weight. Over time, hardware like screws and fasteners can loosen due to wear on the blade holders. Other potential issues are damaged or bent blades or blade arms, worn-down parts, or an incorrect initial installation.