J want to draft a personal loan app

If your not willing to just "give it to them" then you are in no position to loan it at all. Period. Fastest way to destroyed freindships is failed money repayment and all a promissory note gives you is a better legal basis to sue if and when they default on repaying you. Which for most people in a bad financial situation is exactly how they got there in the first place and why they will typically stay there after they get your money. If you can afford to walk away from the loan as a good samaritan, then carry on. If you will need that money repaid at any level then don't. First red flag is when professional lenders like banks won't take the risk - its like betting on a horse the bookies won't touch and fantcizing about all the money you are going to win - until the race is run, you're broke and the bookies say "told you so - now you owe the vig"