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prime rate

noun, Banking.
the minimum interest rate charged by a commercial bank on short-term business loans to large, best-rated customers or corporations.
Also called prime, prime interest rate, prime lending rate.
Origin of prime rate
1955-60 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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Examples from the web for prime rate
  • As a rule, credit-card rates are quick to rise along with the prime rate, but fall more slowly.
  • The prime rate is used for many short-term consumer and business loans.
  • Its business customers include payday lenders, rental purchase stores and non-prime rate auto lenders.
  • Loans will be amortized at one point below prime rate on the date of loan closing over a fifteen year term.
  • Rates are pegged to no more that four percent over the prime rate.
  • The general interest rate will be two points above the current prime rate.
British Dictionary definitions for prime rate

prime rate

the lowest commercial interest rate charged by a bank at a particular time
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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prime rate in Culture

prime rate definition

The interest rate that banks charge to corporations that are considered excellent risks.

Note: The prime rate is usually the lowest prevailing interest rate; if it rises, rates available to consumers will soon rise.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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