<prompt> Human: My friend and co-worker wants to borrow 10k from me to buy a boat. He was quoted a rate of 26 at the bank, thanks to his nasty divorce doing a number on his credit. Ive offered to put up the money for 2 years at 14, meaning 475month. Im going to have a contact written up by a contact lawyer friend. Ive loaned him small amounts before, without a contract, and believe hes good for it.What problems do yall foresee, other than the obvious of him defaulting?  <response>: Congrats on your new boat...OP. Make sure you get the title. 