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It's a very long story ... let's just say I am helping him pay back a debt, and he rather owe me money then someone else. The reason I am doing this is not important, as I already have thought this through. My friend has no personal property worth anything close to what the loan amount is. Collateral is not a big issue, as I trust them to pay me back, I am just interested to see if it is something I should look into.

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If he hasn't got anything then it isn't worth looking into. You could try to structure some interest in future earnings, future debts owed to him, later acquired property, etc, but from a practical standpoint, for a 15k loan, it's not worth the effort to do that. Just get a good solid promissory note with an attorney' fees clause and venue provision that lists the county you are in as the enforcement jurisdiction (in case he moves, you want to be able to sue him where YOU live, not where he lives).

If he defaults, sue him. It should be an easy judgment, then hit him with wage and bank account garnishments until he pays up or you crush it out of him. You know hat that will do to the friendship, but that's the risk you take.