Prime lending rate

Prime lending rate,

Definition of Prime lending rate:

  1. 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?

  1. The prime lending rate was something I didnt want to get involved in because I knew nothing about it and could not handle it.
  2. 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.
  3. 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