heloc minimum draw?

[James C.]

Hello all.

I have recently started asking around about helocs rates, terms, and how they work. I was under the impression it was much like a credit card you have interest only payments on the balance you carry.
Today however I was told there is a minimum draw amount. I came across one older post that stated this is essentially to make the line of credit worth the lenders time. Has anyone moved forward with a heloc that had a minimum draw? And if so were you able to soon pay off this draw amount instead of constantly making interest only payments?