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Clear answers about Paravel, vault participation, fees, withdrawals, and the risks of PayFi lending.
No management fee and no performance fee. Neither accrues and neither is payable.
The only charge is a 1% Expedited Redemption Fee if you choose to redeem ahead of the ordinary cycle — and that fee goes to the Vault for the benefit of remaining Participants. No part of it reaches the Issuer or its affiliates.
The Vault bears its own running expenses: network and transaction fees, custody and payment institution charges, legal, audit, attestation and administration costs, and the cost of enforcing or recovering loans.
Through borrower-side economics — fees received from borrowers and counterparties, and the difference between what a loan earns and what is attributed to the Vault.
We say this openly because “no fees” would otherwise be misleading. Where the Issuer or an affiliate receives any such amount, we disclose that it exists and its basis, and state in the schedule of fees and expenses whether it accrues to the Vault or is retained.
Yes, and you should assume we might. No fee can be introduced, and no fee increased, on less than 30 days' notice. The notice must specify the rate, how it accrues, how often it is payable and, for any performance fee, the high water mark and how it crystallises. Nothing applies retrospectively, and you can redeem before it takes effect.