From the OP...
"...it was okay to use it within the practice room if he wished, to save him lugging his own bass down..." (My Bold...)
... so he does have gear, but maybe less well adapted for the gig taken on. 'Snot much use being friends if one can't accept a bit of a hand now and again. If things were reversed, how many here would never consider asking a friend for the loan of something..? Seems an odd way of living to me, but 'To each his own', I suppose. I'm much less of a materialist, it would seem. It's only gear; friendships are of far more value, in my eyes, and couldn't be spoiled by a simple pecuniary loss. Still, whatever...