Illinois Compiled Statutes > 30 ILCS 500 > Article 45 – Preferences
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Terms Used In Illinois Compiled Statutes > 30 ILCS 500 > Article 45 - Preferences
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.