Definition, Meaning & Synonyms

aval

Noun

ˈɑː.vəl

Definition

In finance, an aval is a type of guarantee provided by a third party on a loan or a promissory note, ensuring that the debt will be paid even if the borrower defaults.

Examples

The bank required an aval from a co-signer before approving the loan.
She obtained an aval from her parents to secure the mortgage.
The company’s credit improved after receiving an aval from a well-known investor.