A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or installments, typically over two to seven years. Though it’s usually best to dip into your savings or emergency fund to cover unexpected expenses, personal loans can be a good option for non-discretionary…

Jackie Veling is a writer at NerdWallet. Email: jveling@nerdwallet.com.

The article What Is a Personal Loan? originally appeared on NerdWallet.

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