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?
Generally, there is no difference between the two and even these two terms can be used interchangeably. Both loans and debts are liabilities that need to be paid off. From a business or accounting point of view I can state some difference. When a company lends money from banks or private lenders, it is considered as loans but if money is raised through issuance of shares and bonds, it is called debt of the company.