Loafers are likely to be known for their lack of buckles and laces. They are intended to be slip-on shoes which feature an elongated flat heel.
Sometimes, they are described as formal sports shoes, Loafers are a common choice in yacht clubs.
Certain loafers with tassels can be more formal. However the more contemporary and casual styles generally don't.
The straps of older loafers were put on over the top. These straps can be utilized to store coins or other small items. This is where the term "penny loafer" came from.
In the description above you can clearly see that there are some similarities in a moccasin as well as loafers. But there are some significant differences.
The other difference is the most important reason for these shoes are similar, but with respect to many aspects, developed into two distinct styles of footwear. Important to keep in mind is moccasins and loafers evolved on distinct continents. For more details, here's an historical review.
In contrast to other footwear The loafer is unique in that it has many sources of origin. One story that is popular could be that it originated directly from moccasins which adds to confusion. The idea of loafers may have come either via the English royal commission for a brand new design of shoe for house use and/or they were created by the Norwegian person, Nils Gregoriusson Tveranger, who created a hybrid of the traditional Native American and Norwegian footwear.
Although it's a bit difficult to determine the exact history of the loafer as compared to other kinds of shoes as well as boots, its development is fascinating.