Sending $10000 to a friend

I’m trying to help out a friend who is need of money to pay off some loans. I would like to send him $10,000. Are there any tax implications for this (either from my end or his end)? I’m aware that it is exempted from the gift tax if it’s less than $18000, but how would IRS differentiate between a gift and a loan? Should I fill any paperwork to specify that it’s a gift?

I’m aware of the AFR rates but I don’t want to charge an interest to a close friend who needs my help. So I would rather send it as a gift and would ask him to “gift” me back whenever he can. Can I do this? Any insights would be helpful. Thanks.