The current prime rate at the time of writing is 4.70%, the highest it has ever been since 2008. The prime rate is the interest rate banks charge their most creditworthy customers. The prime rate is used as a benchmark for other loans, such as credit card rates and home equity lines of credit (HELOC).
If you have a good credit score, you can usually get a loan at the prime rate. However, if you have a bad credit score, you may be offered a loan at a higher interest rate.