<PAGE> 1

         UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                       Washington, DC  20549


                             FORM 8-K



                         CURRENT REPORT



             PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934



   Date of Report (Date of earliest event reported) November 8,
                              1999



                     NICHOLAS FINANCIAL, INC.
      (Exact name of registrant as specified in its Charter)




   British Columbia, Canada         333-08407        8736-3354
  (State or Other Jurisdiction of  (Commission   (I.R.S. Employer
    Incorporation or Organization)  File Number)  Identification No.)

  2454 McMullen Booth Road, Building C
        Clearwater, Florida                           33759
 (Address of Principal Executive Offices)          (Zip Code)



                          (727) 726-0763
       (Registrant's telephone number, Including area code)


                          Not applicable
  (Former name, former address and former fiscal year, if changed
                       since last report)


<PAGE> 2


Item 5.   Other Events

     Effective November 1, 1999,  the  Company renegotiated its
credit  line  with  BankAmerica. Under  the  terms  of  the new
agreement  the  total  credit  facility  was  increased  to  45
million, the  effective  interest  rate  was  decreased and the
maturity date has been extended to November 1, 2002.

     On November 8, 1999, the registrant issued a press release
announcing the transaction, a  copy  of  which  is  attached as
exhibit 99.1 to  this  Form  8-K  and  incorporated  herein  by
reference.



Item 7.   Financial Statements and Exhibits

 (c)Exhibits

 Exhibit No.    Description of Document
 -----------    -------------------------------------------
    99.1        Press release dated November 8, 1999 issued
                 by the registrant


<PAGE> 3
                           SIGNATURES

   In  accordance with the requirements of the Securities Act  of
1934, the Registrant certifies that it has reasonable grounds  to
believe that it meets all of the requirements for filing on  Form
8-K  and authorized this Report to be signed on its behalf by the
undersigned,  in  the City of Clearwater, State  of  Florida,  on
November 8, 1999.


                    NICHOLAS FINANCIAL, INC.
                          (Registrant)


  Date: November 8, 1999           /s/ Peter L. Vosotas
                                    ----------------------------
                                    Peter L. Vosotas
                                    Chairman, President, Chief
    						Executive Officer
                                    (Principal Executive
    						 Officer)


  Date: November 8, 1999           /s/ Ralph T. Finkenbrink
                                    ------------------------------
			                  Ralph T. Finkenbrink
                                    (Principal  Financial Officer
    						 and Accounting Officer)



<PAGE> 4

Exhibit 99.1

                                              FOR IMMEDIATE RELEASE
Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759

      Contact: Ralph Finkenbrink        NASDAQ: NICK
               Senior Vice President,   Web site:www.nicholasfinancial.com
               Finance
               Nicholas Financial, Inc.
               Ph # - 727-726-0763
               Fax # - 727-726-2140




         Revolving Credit line increased to $45,000,000
                    Branch Expansion Continues

November  8,  1999 - Clearwater, Florida, Nicholas Financial,  Inc.
(Nasdaq,  NICK), announced today that the Company has  renegotiated
its  credit  facility with Bank of America. The terms  of  the  new
agreement  will  increase the line of credit from   $35,000,000  to
$45,000,000,  decrease the effective interest rate and  extend  the
maturity date to November 1, 2002.

According to Peter L. Vosotas, President and CEO, "Our relationship
with Bank of America began in 1993 with a $4,000,000 revolving line
of  credit.  I believe that our outstanding performance since  then
has convinced the Bank to expand our credit facility and provide us
with these excellent rates and terms."

In  the  past quarter ended September 30, the company has opened  a
second  branch  office  in Atlanta, Georgia,  a  branch  office  in
Charlotte, North Carolina and is currently building a new branch in
West  Palm  Beach, Florida.  The company currently operates  twelve
(12) branches in Florida, three (3) branches in Georgia and one (1)
branch  in North Carolina.The new loan agreement allows the company
to continue its controlled expansion throughout the Southeast.
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1

         UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                       Washington, DC  20549

                             FORM 8-K

                         CURRENT REPORT

             PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934

   Date of Report (Date of earliest event reported) November 8,
                              1999

                     NICHOLAS FINANCIAL, INC.
      (Exact name of registrant as specified in its Charter)

   British Columbia, Canada         333-08407        8736-3354
  (State or Other Jurisdiction of  (Commission   (I.R.S. Employer
    Incorporation or Organization)  File Number)  Identification No.)

  2454 McMullen Booth Road, Building C
        Clearwater, Florida                           33759
 (Address of Principal Executive Offices)          (Zip Code)

                          (727) 726-0763
       (Registrant's telephone number, Including area code)

                          Not applicable
  (Former name, former address and former fiscal year, if changed
                       since last report)
2

Item 5.   Other Events

     Effective November 1, 1999,  the  Company renegotiated its
credit  line  with  BankAmerica. Under  the  terms  of  the new
agreement  the  total  credit  facility  was  increased  to  45
million, the  effective  interest  rate  was  decreased and the
maturity date has been extended to November 1, 2002.

     On November 8, 1999, the registrant issued a press release
announcing the transaction, a  copy  of  which  is  attached as
exhibit 99.1 to  this  Form  8-K  and  incorporated  herein  by
reference.

Item 7.   Financial Statements and Exhibits

 (c)Exhibits

 Exhibit No.    Description of Document
 -----------    -------------------------------------------
    99.1        Press release dated November 8, 1999 issued
                 by the registrant
3
                           SIGNATURES

   In  accordance with the requirements of the Securities Act  of
1934, the Registrant certifies that it has reasonable grounds  to
believe that it meets all of the requirements for filing on  Form
8-K  and authorized this Report to be signed on its behalf by the
undersigned,  in  the City of Clearwater, State  of  Florida,  on
November 8, 1999.

                    NICHOLAS FINANCIAL, INC.
                          (Registrant)

  Date: November 8, 1999           /s/ Peter L. Vosotas
                                    ----------------------------
                                    Peter L. Vosotas
                                    Chairman, President, Chief
    						Executive Officer
                                    (Principal Executive
    						 Officer)

  Date: November 8, 1999           /s/ Ralph T. Finkenbrink
                                    ------------------------------
			                  Ralph T. Finkenbrink
                                    (Principal  Financial Officer
    						 and Accounting Officer)
4

Exhibit 99.1

                                              FOR IMMEDIATE RELEASE
Nicholas Financial, Inc.
Corporate Headquarters
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759

      Contact: Ralph Finkenbrink        NASDAQ: NICK
               Senior Vice President,   Web site:www.nicholasfinancial.com
               Finance
               Nicholas Financial, Inc.
               Ph # - 727-726-0763
               Fax # - 727-726-2140

         Revolving Credit line increased to $45,000,000
                    Branch Expansion Continues

November  8,  1999 - Clearwater, Florida, Nicholas Financial,  Inc.
(Nasdaq,  NICK), announced today that the Company has  renegotiated
its  credit  facility with Bank of America. The terms  of  the  new
agreement  will  increase the line of credit from   $35,000,000  to
$45,000,000,  decrease the effective interest rate and  extend  the
maturity date to November 1, 2002.

According to Peter L. Vosotas, President and CEO, "Our relationship
with Bank of America began in 1993 with a $4,000,000 revolving line
of  credit.  I believe that our outstanding performance since  then
has convinced the Bank to expand our credit facility and provide us
with these excellent rates and terms."

In  the  past quarter ended September 30, the company has opened  a
second  branch  office  in Atlanta, Georgia,  a  branch  office  in
Charlotte, North Carolina and is currently building a new branch in
West  Palm  Beach, Florida.  The company currently operates  twelve
(12) branches in Florida, three (3) branches in Georgia and one (1)
branch  in North Carolina.The new loan agreement allows the company
to continue its controlled expansion throughout the Southeast.