What is PLR?

• The Prime Interest Rate is the interest rate charged by banks to their most creditworthy customers (usually the most prominent and stable business customers). 
• The rate is almost always the same amongst major banks. 
• Adjustments to the prime rate are made by banks at the same time; although, the prime rate does not adjust on any regular basis. 
• The Prime Rate is usually adjusted at the same time and in correlation to the adjustments of the Fed Funds Rate. 
• The rates reported below are based upon the prime rates on the first day of each respective month. 
• Some banks use the name "Reference Rate" or "Base Lending Rate" to refer to their Prime Lending Rate.