The Australian singer reportedly made the revelation in her recent interview with Piers Morgan, telling the former journalist that she felt desperate because she owed £150,000 and could not afford to pay her rent.
Minogue stripped off for the magazine in 1995 after splitting from her then-husband Julian McMahon.
She is quoted as saying: "My parents didn't want me to do it. My dad was saying, 'Doing this is forever - you can never, ever change it'. Kylie knew why I was doing it - I could have asked her for the money, but it wasn't in my nature. I never wanted to admit the trouble I was in. I should have been looking at my finances."
The X Factor judge continued: "I would never disclose how much - but it had to be a lot to look at my parents' faces and see the anguish in my dad's eyes. I don't regret it, but I feel relieved that people know why I did it - it's a huge weight off my shoulders. It was actually fun and I did feel liberated. I looked at the pictures and thought, 'I look alright!'"
Minogue's episode of Piers Morgan's Life Stories airs on Saturday at 9.45pm on ITV1.