How do you deal with lending friends and family money?

1. Do you ever lend friends and family money?
2. If so, what are your biggest pain points?

For me, it's:

1. They don't always pay back on the agreed schedule
2. I don't chase them until i actually need the money, at which point it's often too late
3. I sometimes forget altogether

I'm trying to get better at this and have a product idea to help. Any one else face similar issues?