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Dan Murray
Guest
Can anyone explain to me what precisely is meant by this term please?
It generally means whatever they want it to! 
It's a variable rate, against which other rates are set. For example, they might have a base rate available to lending with security. And then unsecured might be base +2%, or lending for small balance might be +3%
Some banks might call it Prime rate.
It might or might not be linked to an externally available rate.
It's a variable rate, against which other rates are set. For example, they might have a base rate available to lending with security. And then unsecured might be base +2%, or lending for small balance might be +3%
Some banks might call it Prime rate.
It might or might not be linked to an externally available rate.
D
Dan Murray
Guest
It generally means whatever they want it to!
Well, that certainly clears it up for me!!
On a serious note, your description confirmed my impression. Thanks RedOnion.