What is the 3-month LIBOR rate?

3-month LIBOR (London Interbank Offered Rate) is a benchmark rate used by lenders around the world. LIBOR is variable, which means that it fluctuates over time. This variable base rate, added to your fixed margin rate of interest, will give you the total rate by which your Prodigy loan will accrue interest.

Depending on the currency of your loan is the benchmark rate that is going to be used. If your loan is in dollars, the benchmark used in your loan will be the US LIBOR; if your loan is in euros, the benchmark will be the EURIBOR and if your loan is in British pound sterling, the benchmark will be the British pound sterling LIBOR.

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