I'm unable to find a precise classification and/or similarity between the two words - debt and loan. Should we consider debts (where people are helped financially or in a way they want that help - and they need to pay it off either in instalments or at a go, be it through paper money or by any other means according to the agreement) as loans OR Is there anything that could help us classify both these terms and show some dissimilarities and differences between them?
All thumbs are fingers however not all fingers are thumbs. Similar story, all loans are debts however not all debts are loans. Loan is when you take out money from someone or a bank and repay in installments however you can have debt like buying something and paying it in installments which means you have debt but no one gave you a loan.
Hence, the two words are different from each other in meaning because if you have a loan that is debt but if you get something but pay later that is also called debt. For example big companies usually get something from a smaller company and give a 45 day check which is a debt on their books but not a loan.