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) August 14,
                              2003



                     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)



                          (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

     On August 11, 2003 Nicholas Financial, Inc. (the "Company")
announced a cash dividend of $.10 payable semi-annual to
shareholders of record as of September 30, 2003.

     A copy of the Company's press release announcing the
foregoing actions is attached as Exhibit 99.1 to this Report on
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 August 11, 2003 issued
                    by the registrant

<PAGE> 3


                           SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed  on
its behalf by the undersigned, hereunto duly authorized.


                    NICHOLAS FINANCIAL, INC.
                          (Registrant)


  Date: August 14, 2003         /s/ Peter L. Vosotas
                                -----------------------------
                                Peter L. Vosotas
                                Chairman, President,
                                Chief Executive Officer
                                (Principal Executive Officer)


  Date: August 14, 2003          /s/ Ralph T. Finkenbrink
                                 --------------------------
                                 Ralph  T. Finkenbrink
                                 (Principal Financial Officer
                                 and Accounting Officer)

<PAGE> 4


                         Exhibit Index


Exhibit No.

99.1           Press Release, dated August 14, 2003

                    FOR IMMEDIATE RELEASE


Nicholas Financial, Inc.
Corporate Headquarters

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


Contact:  Ralph Finkenbrink
          Sr.Vice President, Finance

Nasdaq: NICK
Web Site: www.nicholasfinancial.com

Nicholas Financial, Inc.
Ph # - 727-726-0763
Fax # -727-726-2140




   Nicholas Financial, Inc. Announces Semi-Annual Cash Dividend


Clearwater, Florida, - August 11, 2003:  Nicholas Financial, Inc.
Chairman, CEO & President, Peter L. Vosotas, today announced that
the  Company has established its first semi-annual cash  dividend
of  $.05  cents per share.   The Company declared an annual  cash
dividend  rate of $.10 cents a share on its common shares,  which
will  be paid on September 22, 2003 to shareholders of record  on
September 8, 2003.  Based on the Company's closing stock price on
August 8, 2003 of $6.50, a $.10 cent yearly dividend would return
a 1.54% yield on investment.

Mr.  Vosotas  stated, "Our Company has now reported  record  same
quarter increases in revenues, net income and earnings per  share
in  51  out of the past 52 quarters.  Given our track record  and
the  Board's  confidence in the business going  forward,  we  are
instituting  this  dividend as a means  to  increase  shareholder
value.  We  believe that the issuance of a dividend,  in  a  very
large measure, is an indication of the financial strength of  the
Company.  At  this time, the Company plans to continue  the  cash
dividend   program,   provided   that   future   earnings    meet
expectations."

Founded  in 1985, with current assets of $94,853,000 as  of  June
30,  2003,  Nicholas  Financial is one of  the  largest  publicly
traded   specialty  consumer  finance  companies  based  in   the
Southeast.  The  company has approximately  5,045,000  shares  of
common  stock  outstanding and has reported record  revenues  and
earnings  for  the  past  13  years. For  an  index  of  Nicholas
Financial  Inc.'s news releases or to obtain a specific  release,
visit our web site at www.nicholasfinancial.com.


Except for the historical information contained herein, the matters
discussed  in this news release include forward-looking  statements
that involve risks and uncertainties including competitive factors,
the  management of growth, and other risks detailed  from  time  to
time  in the Company's filings and reports with the Securities  and
Exchange Commission including the Company's Annual Report  on  Form
10-K  for the year ended March 31, 2003. Such statements are  based
on  the  beliefs of the Company's management as well as assumptions
made  by and information currently available to Company management.
Actual events or results may differ materially.

                           ### End ###
[{"type": "8-K", "sequence": "1", "filename": "r8k-0803.txt", "secsgml_size_bytes": 5556}]
{"company-data": {"conformed-name": "NICHOLAS FINANCIAL INC", "cik": "0001000045", "assigned-sic": "6153", "irs-number": "593019317", "state-of-incorporation": "FL", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26680", "film-number": "03844095"}, "business-address": {"street1": "2454 MCMILLEN BOOTH RD", "street2": "BLDG C 501 B", "city": "CLEARWATER", "state": "FL", "zip": "33759", "phone": "8137260763"}, "mail-address": {"street1": "2454 MCMULLEN BOOTH RD", "street2": "BLDG C SUITE 501B", "city": "CLEARWATER", "state": "FL", "zip": "33759"}}
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) August 14,
                              2003

                     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)

                          (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

     On August 11, 2003 Nicholas Financial, Inc. (the "Company")
announced a cash dividend of $.10 payable semi-annual to
shareholders of record as of September 30, 2003.

     A copy of the Company's press release announcing the
foregoing actions is attached as Exhibit 99.1 to this Report on
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 August 11, 2003 issued
                    by the registrant
3

                           SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed  on
its behalf by the undersigned, hereunto duly authorized.

                    NICHOLAS FINANCIAL, INC.
                          (Registrant)

  Date: August 14, 2003         /s/ Peter L. Vosotas
                                -----------------------------
                                Peter L. Vosotas
                                Chairman, President,
                                Chief Executive Officer
                                (Principal Executive Officer)

  Date: August 14, 2003          /s/ Ralph T. Finkenbrink
                                 --------------------------
                                 Ralph  T. Finkenbrink
                                 (Principal Financial Officer
                                 and Accounting Officer)
4

                         Exhibit Index

Exhibit No.

99.1           Press Release, dated August 14, 2003

                    FOR IMMEDIATE RELEASE

Nicholas Financial, Inc.
Corporate Headquarters

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

Contact:  Ralph Finkenbrink
          Sr.Vice President, Finance

Nasdaq: NICK
Web Site: www.nicholasfinancial.com

Nicholas Financial, Inc.
Ph # - 727-726-0763
Fax # -727-726-2140

   Nicholas Financial, Inc. Announces Semi-Annual Cash Dividend

Clearwater, Florida, - August 11, 2003:  Nicholas Financial, Inc.
Chairman, CEO & President, Peter L. Vosotas, today announced that
the  Company has established its first semi-annual cash  dividend
of  $.05  cents per share.   The Company declared an annual  cash
dividend  rate of $.10 cents a share on its common shares,  which
will  be paid on September 22, 2003 to shareholders of record  on
September 8, 2003.  Based on the Company's closing stock price on
August 8, 2003 of $6.50, a $.10 cent yearly dividend would return
a 1.54% yield on investment.

Mr.  Vosotas  stated, "Our Company has now reported  record  same
quarter increases in revenues, net income and earnings per  share
in  51  out of the past 52 quarters.  Given our track record  and
the  Board's  confidence in the business going  forward,  we  are
instituting  this  dividend as a means  to  increase  shareholder
value.  We  believe that the issuance of a dividend,  in  a  very
large measure, is an indication of the financial strength of  the
Company.  At  this time, the Company plans to continue  the  cash
dividend   program,   provided   that   future   earnings    meet
expectations."

Founded  in 1985, with current assets of $94,853,000 as  of  June
30,  2003,  Nicholas  Financial is one of  the  largest  publicly
traded   specialty  consumer  finance  companies  based  in   the
Southeast.  The  company has approximately  5,045,000  shares  of
common  stock  outstanding and has reported record  revenues  and
earnings  for  the  past  13  years. For  an  index  of  Nicholas
Financial  Inc.'s news releases or to obtain a specific  release,
visit our web site at www.nicholasfinancial.com.

Except for the historical information contained herein, the matters
discussed  in this news release include forward-looking  statements
that involve risks and uncertainties including competitive factors,
the  management of growth, and other risks detailed  from  time  to
time  in the Company's filings and reports with the Securities  and
Exchange Commission including the Company's Annual Report  on  Form
10-K  for the year ended March 31, 2003. Such statements are  based
on  the  beliefs of the Company's management as well as assumptions
made  by and information currently available to Company management.
Actual events or results may differ materially.

                           ### End ###