LIBOR stands for the London Interbank Offered Rate and it represents the rate at which banks are willing to lend funds to one another. LIBOR is commonly used as a benchmark for interest rates in a global market. LIBOR is assigned separately for each currency (we work with USD LIBOR, GBP LIBOR, and Euribor).
We use the 3-month LIBOR as the base rate for calculating interest on our loan offers. When LIBOR is updated, the effective interest rate on your loan will change to match. For more information on how we calculate interest on your loan, click here.