prime lending rate

Popular Terms
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.

Use 'prime lending rate' in a Sentence

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.
20 people found this helpful
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.
17 people found this helpful
The prime lending rate was something I didn't want to get involved in because I knew nothing about it and could not handle it.
14 people found this helpful

Email Print Embed