aval
guarantee
The word 'aval' in Spanish refers to a guarantee or endorsement, usually in a financial context. Similar to English, it is used as a commitment by one party ensuring that another party receives payment or fulfillment of an obligation. In essence, an 'aval' is a formal assurance by one party to support the financial obligation of another if a default occurs.
Example sentences using: aval
El aval de mi padre me permitió obtener el préstamo.
My father's endorsement allowed me to get the loan.
In this context, 'aval' is used to highlight the idea of an endorsement or guarantee. The phrase indicates that the speaker was able to get a loan due to the endorsement or backing of their father.
Necesitas un aval para alquilar esta casa.
You need a guarantor to rent this house.
In this example, 'aval' is used in the context of a rental agreement, where it refers to someone who will vouch for the potential tenant's ability to pay. If the tenant fails to pay the rent, the guarantor (the 'aval') will be responsible for making the payment.
El banco pide un aval antes de aprobar el préstamo.
The bank asks for a guarantor before approving the loan.
Here, the term 'aval' is used in the financial context. Banks often require a guarantor ('aval') before approving a loan to ensure the loan can be paid back; if the original borrower cannot repay the loan, the guarantor will be liable.