Sometimes you need money for a variety of different things. Maybe you need to pay off a larger debt, do repairs around your home, or just have extra cash on hand to go with your salary. If you’re looking to borrow a small amount of money, you have many different options to consider.

We’ll walk you through six popular ways on how to borrow a small amount of money.

1. Unsecured Personal Loans

One of the best ways on how to borrow a small amount of money is by unsecured personal loans. An unsecured personal loan is a cash loan that can be used to purchase whatever you may need. A personal loan is unlike a mortgage or car loan which is used to pay for that specific item.

The unsecured part means that the loan is not backed by collateral (a mortgage is an example of a secured loan where the house acts as the collateral).

There are many different types of lenders, like banks, online lenders, and private lenders who offer personal loans. Keep in mind, that you will most likely need to go through a credit check before the funds will be released to you. The higher your credit score, the higher the chances that you’ll be approved for the loan.

2. Credit Cards

If you are looking to borrow a small amount of money, using credit cards is a very common method among many people. You can start by seeing if your bank offers a credit card that might work for your needs. Schedule some time with an advisor so you can explain your situation and they can recommend the right card for you. Depending on your credit score (the bank will run a credit check), you may be eligible for a higher credit limit.

Alternatively, there are online banks such as Tangerine that offers one type of credit card. Do some research to see if that card will work for your needs.

Once you’ve been approved, the card will be sent to you. Once you receive the card, all you need to do is activate it, sign the back, and you’re good to go!

3. Line of Credit

Just like a credit card, you can use funds from your line of credit, pay it off, and then use it again. This is a great option as it typically has a lower interest rate than a credit card. Meaning when you start paying it back, more money is being paid on the principal, rather than the interest.

If you’re looking to pay off a credit card with a high limit and high interest, using a line of credit to pay it off is a great choice since the interest is typically much lower.

Just as a credit card can be used to pay for virtually anything, the same goes for a line of credit.

You will be asked to make monthly payments and the more money you can use to pay it off, the better.

4. Payday Loans

When all you need is a small amount of money, payday loans are a great solution. You can borrow anywhere from $200 to $1,500, or up to 50% of your income. Payday loans can be borrowed against your employment income, child tax benefit, or your seniors’ pension.

Some benefits of payday loans include getting the money quickly, not having to go through a credit check, not needing the best credit, and not needing very much to get set-up.

All you need to get set up with 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.

5. Home Equity Loans

Do you own your home? Then a home equity loan may be a great way to borrow a small amount of money. This type of loan uses the equity from your home. This is the portion of your mortgage that you have paid off and actually own.

The equity in your home helps you secure the loan. So, how much will you be able to borrow? That depends on the value of your home and how much equity you’ve been able to accumulate on your home. Since these types of loans typically come with less interest, they may be good to help with a few different expenses. These include home renovations and repairs.

6. Friends and Family

Finally, if you don’t have the best credit or don’t want to go through a bank, you can always ask friends and family for a loan, especially if you’re only looking to borrow a small amount of money. Hopefully, they won’t charge you interest, and you’ll be able to pay them back quicker!

Now that you have a few ideas about how to borrow a small amount of money, which option will you be choosing?