Prime lending rate,
Definition of Prime lending rate:
The interest rate charged by banks to their largest, most secure, and most creditworthy customers on short-term loans. This rate is used as a guide for computing interest rates for other borrowers. See also London Interbank Offered Rate. Also called prime rate.
How to use Prime lending rate in a sentence?
- The prime lending rate was something I didnt want to get involved in because I knew nothing about it and could not handle it.
- Since his credit score was over 800, Jackson was able to secure a loan from the local credit union at the prime lending rate since he was deemed to be a very low risk for failure to pay.
- The couple decided it was time take out a short-term loan to splurge on a vacation because the prime lending rate was at an all-time low and their credit rating was currently impeccable.
Meaning of Prime lending rate & Prime lending rate Definition