What is a "variable rate" loan?
A variable interest rate loan is a loan where the interest rate may fluctuate during the term of the loan. Most variable rate loans have a floor (minimum rate) and a ceiling (maximum rate) to protect the borrower.
A variable interest rate loan is a loan where the interest rate may fluctuate during the term of the loan. Most variable rate loans have a floor (minimum rate) and a ceiling (maximum rate) to protect the borrower.
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