Simply, don't do it. If someone needs a loan and they can't get it from the normal sources, you'll end up resenting it if not paid on time. Any good friend wouldn't put you in this position as if any defualt happens, it become a legal issue, but more so, a personal one. Sounbds like a sum of some magnititude in which you want it paid back. Gifts are different but even a gift of any large amount can lead to more worries than not. Just my experience. However, if you're going to do it a simple written contract that is legally binding is what is needed which clearly expresses both the agreement, the intent & timeframe in case you need to take legal action - signed and dated. I personally wouldn't to do it as the risk is too large and the ability to claim a debt is always prolonged and sometimes complex - especially when the debtor is unable to pay it back.
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