Do you have a bad credit score from your younger days before you became a parent? If so, it will be much harder to borrow money. We know how stressful it can get to be denied funds due to your credit score, especially as the past catches up to you.

Although you will have to go through a more gruelling approval process in most cases, it’s still possible to borrow money. We’ll walk you through six different ways on how to borrow money with bad credit. We hope one of these ways works well for your current situation and helps you get the cash you need.

1. Payday Loans

The easiest way to borrow money with bad credit is to take out a payday loan. Payday loan lenders do not require a credit check to release funds to you, making it easy to get approved. With a payday loan, you can borrow up to $1,500, or up to 50% of your income. This money can be borrowed against your employment income, child tax benefit, or your seniors’ pension.

All you need to apply for a payday loan is one piece of government-issued photo ID, a blank personal cheque and/or pre-authorized debit form, a 60-day bank statement from date of application, proof of address, and your most recent pay stub.

Once you apply and get approved for a payday loan, you can pick up your money on the same day. This makes it a great option if you need cash quickly.

2. Secured Loan

One of the best ways on how to borrow money with bad credit is to apply for a secured loan. This type of loan is the best way to borrow money if your credit score does not impress banks, online lenders, or credit unions.

So, what is a secured loan? It’s a type of loan in which you borrow money against an asset you own, such as your home, car, savings, and even stocks. This allows the lender to hold your assets as collateral against you in the event that you default on the loan.

Some of the benefits of secured loans include lower interest rates, access to larger amounts of money, and better terms.

3. Get a Co-Signer

If you’re still having trouble getting a loan due to your bad credit, you may need a co-signer. If you have a close friend or family member that you know has good credit, you may consider asking them to co-sign on your loan.

Once you have a co-signer, the loan terms will be based on the credit score of the person who has good credit. Although this will help you get approved, get a lower interest rate, and a longer term, the co-signer will be just as responsible for the loan as you.

This means if you’re late making payments or end up defaulting on the loan, it will affect you and your co-signer. Just make sure that you take the loan very seriously as this can impact your relationship with the co-signer.

On the bright side, making payments on time will help you to improve your credit score. It may even improve it so much that if you need a loan in the future you may get approved for one without a co-signer.

4. Home Equity Loan or Home Equity Line of Credit

Another viable option to borrow money if you have bad credit is through a home equity loan or home equity line of credit. This works if you have equity in your home since it will use your home as collateral. Chances are you can get approved for this type of loan even if you have bad credit.

In addition, the interest rate will be lower than other types of loans since the loan is secured by your home.

5. Online Personal Loans

Online personal loans are offered through online lenders. You can use this type of loan for things like debt consolidation or home repairs.

Typically, you can expect a quick response from these types of lenders, making them a great option if you need cash quickly. They will then deposit the money into your account usually the same day.

These types of loans are quite easy to fill out and don’t take much time, compared to loans offered through traditional banks, making them all the more appealing.

6. Borrow from Friends or Family

Finally, if you need cash and can’t get it through other means you may want to consider asking a good friend or trusted family member. Although this scenario is not ideal, it may be the most viable option for you, especially if the money will be offered to you with low or no interest.

With a loan from friends or family, you also won’t need to go through a gruelling approval process as you would from banks or other lenders, and you may get a longer term to pay the money back.

Just make sure that you are able to pay the money back. Although defaulting on a loan from friends or family won’t further impact your credit score, it can ruin a good relationship.