<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) September 5,
                              1997
                                
                                
                                
                     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                           34619
   (Address of Principal Executive Offices)             (Zip Code)



                          (813) 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  September 5, 1997,  the Company consolidated its
shares on a  one (1) for  three  (3)  basis in order to meet the
NASDAQ minimum bid price of $4.00 per share. The Company expects
to  file  its  application  for  NASDAQ  listing immediately and
believes it meets all of the listing criteria.

     On September 8, 1997, 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  September  8,   1997   
             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
September 12, 1997.

                                
                    NICHOLAS FINANCIAL, INC.
                          (Registrant)


  Date: September 12, 1997          /s/ Peter L. Vosotas
                                    Peter L. Vosotas
                                    Chairman, President, Chief
                                    Executive Officer
                                    (Principal Executive Officer)


  Date: September 12, 1997          /s/ Ralph T. Finkenbrink
                                    Ralph T. Finkenbrink
                                    (Principal  Financial Officer
                                     and Accounting Officer)

<PAGE> 4



                                                                 
                                            FOR IMMEDIATE RELEASE
Nicholas Financial, Inc.
Corporate Headquarters

2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759

                  Date:    September 8, 1997   Symbol:(VSE): NIC.U
                  Contact: Peter L. Vosotas           (OTC): NCFND
                           Chairman & President
                           Nicholas Financial, Inc.
                           Ph # - 813-726-0763
                           fax # - 813-726-2140
                           web site: www.nicfn.com





        NICHOLAS FINANCIAL TO APPLY FOR NASDAQ LISTING




Clearwater, Florida, - Nicholas Financial, the company is pleased
to announce that it intends to  apply for a Nasdaq listing in the
immediate future.  The  company is currently  listed  on  the OTC
Bulletin  Board  and  has  been  listed  on  the  Vancouver Stock
Exchange since 1987.

The  company  recently  consolidated it's shares on a one (1) for
three (3)  basis in order  to meet  the Nasdaq  minimum price  of
$4.00 per share.  The stock symbols  on  the respective exchanges
have changed from NFC.U  to  NIC.U on the Vancouver  Exchange and
from NCFNF to NCFND on the OTC Bulletin Board.

According to, Peter Vosotas, President and CEO,  "We believe that
our company now meets all the Nasdaq  listing requirements and we
are very optimistic that our application will be approved without
any delays.  We  believe that the Nasdaq listing will allow a far
larger audience  to  track  the performance of our company and it
will also allow our shareholders  and  stockbrokers in the United
States to have  far  easier  access to pricing information of our
shares.

The  company is also pleased to note that it has opened a  Branch
office   in  Jacksonville,  Florida.  The  company  now  operates
fourteen (14) Branch offices in Florida and Georgia.



---------------------------------------------------------------------
Nicholas  Financial, Inc. is a specialized finance  company  that
provides funding for pre-owned automobiles and light trucks.  The
company  acquires and services retail installment sales contracts
through  a  network  of branch office locations  in  Florida  and
Georgia.  The  company also provides small  consumer  loans.  Its
software  subsidiary,  Nicholas  Data  Services,  Inc.,  designs,
develops,   supports  and  sells  computer  software   to   small
businesses.

                           ### end ###
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{"company-data": {"conformed-name": "NICHOLAS FINANCIAL INC", "cik": "0001000045", "assigned-sic": "6153", "irs-number": "87363354", "state-of-incorporation": "FL", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26680", "film-number": "97679334"}, "business-address": {"street1": "2454 MCMILLEN BOOTH RD", "street2": "BLDG C", "city": "CLEARWATER", "state": "FL", "zip": "34619", "phone": "8137260763"}, "mail-address": {"street1": "2454 MCMULLEN BOOTH RD", "street2": "BLDG C SUITE 501B", "city": "CLEARWATER", "state": "FL", "zip": "34619"}}
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) September 5,
                              1997
                                
                                
                                
                     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                           34619
   (Address of Principal Executive Offices)             (Zip Code)

                          (813) 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  September 5, 1997,  the Company consolidated its
shares on a  one (1) for  three  (3)  basis in order to meet the
NASDAQ minimum bid price of $4.00 per share. The Company expects
to  file  its  application  for  NASDAQ  listing immediately and
believes it meets all of the listing criteria.

     On September 8, 1997, 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  September  8,   1997   
             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
September 12, 1997.

                                
                    NICHOLAS FINANCIAL, INC.
                          (Registrant)

  Date: September 12, 1997          /s/ Peter L. Vosotas
                                    Peter L. Vosotas
                                    Chairman, President, Chief
                                    Executive Officer
                                    (Principal Executive Officer)

  Date: September 12, 1997          /s/ Ralph T. Finkenbrink
                                    Ralph T. Finkenbrink
                                    (Principal  Financial Officer
                                     and Accounting Officer)
4

                                                                 
                                            FOR IMMEDIATE RELEASE
Nicholas Financial, Inc.
Corporate Headquarters

2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759

                  Date:    September 8, 1997   Symbol:(VSE): NIC.U
                  Contact: Peter L. Vosotas           (OTC): NCFND
                           Chairman & President
                           Nicholas Financial, Inc.
                           Ph # - 813-726-0763
                           fax # - 813-726-2140
                           web site: www.nicfn.com

        NICHOLAS FINANCIAL TO APPLY FOR NASDAQ LISTING

Clearwater, Florida, - Nicholas Financial, the company is pleased
to announce that it intends to  apply for a Nasdaq listing in the
immediate future.  The  company is currently  listed  on  the OTC
Bulletin  Board  and  has  been  listed  on  the  Vancouver Stock
Exchange since 1987.

The  company  recently  consolidated it's shares on a one (1) for
three (3)  basis in order  to meet  the Nasdaq  minimum price  of
$4.00 per share.  The stock symbols  on  the respective exchanges
have changed from NFC.U  to  NIC.U on the Vancouver  Exchange and
from NCFNF to NCFND on the OTC Bulletin Board.

According to, Peter Vosotas, President and CEO,  "We believe that
our company now meets all the Nasdaq  listing requirements and we
are very optimistic that our application will be approved without
any delays.  We  believe that the Nasdaq listing will allow a far
larger audience  to  track  the performance of our company and it
will also allow our shareholders  and  stockbrokers in the United
States to have  far  easier  access to pricing information of our
shares.

The  company is also pleased to note that it has opened a  Branch
office   in  Jacksonville,  Florida.  The  company  now  operates
fourteen (14) Branch offices in Florida and Georgia.

---------------------------------------------------------------------
Nicholas  Financial, Inc. is a specialized finance  company  that
provides funding for pre-owned automobiles and light trucks.  The
company  acquires and services retail installment sales contracts
through  a  network  of branch office locations  in  Florida  and
Georgia.  The  company also provides small  consumer  loans.  Its
software  subsidiary,  Nicholas  Data  Services,  Inc.,  designs,
develops,   supports  and  sells  computer  software   to   small
businesses.

                           ### end ###