The Pelican Credit Union is a home equity line of credit from Pelican Credit Union. The ongoing APR is Introductory Annual Percentage Rate (APR) from 3.99% to 5.99% applies for the first 12 months beginning on the date the HELOC is opened and is based on the applicant’s approved credit grade. After the introductory period, the APR automatically converts to a variable APR based on the Wall Street Journal Prime Rate plus a margin determined under the terms of the HELOC Agreement. Current variable APRs range from 6.75% to 9.75% as of June 17, 2026, and are based on the Prime Rate in effect on that date together with Pelican’s applicable margins. APR may vary and will never exceed 18.00%. Annual rate increases are limited to 2.00%.. Typical credit limit: With a revolving credit line from $15,000 to $250,000, you can draw what you need, repay it, and access your funds again without starting over.. Loan terms: Throughout the 10-year draw period, your payments are based on your outstanding balance and include both principal and interest, ensuring a manageable and transparent repayment experience. Once the draw period concludes, the remaining balance transitions to a fully amortizing adjustable rate mortgage, requiring both principal and interest payments..