<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) August 8, 2001



                     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 7, 2001  The  Board  of Directors  of Nicholas
Financial, Inc. (the "Company") declared  a two-for-one stock
split on  the  Company's  outstanding shares of common stock,
payable in the form of a 100% stock dividend on September 10,
2001 to shareholders of record as of the close of business on
August 28, 2001.

     In addition, on August 7, 2001,  the  Board of Directors
of the Company approved the Company's second stock repurchase
plan. This  plan authorizes the repurchase of up to 5% of the
Company's outstanding  common stock, or approximately 250,000
shares, as adjusted to reflect the aforementioned two-for-one
stock split.   This  authorization  is  in  addition  to  the
original  September  23, 1998   repurchase  authorization  of
120,000 shares (5% of the Company's  outstanding common stock
at  that  time),  which,  as  of  August  7, 2001,  had  been
completely utilized. The repurchases  will  be made from time
to  time  as  market and business conditions warrant, in open
market, negotiated or block  transactions. All purchases  are
subject to the availability  of  shares  at  prices which are
acceptable  to  management  of  the Company and, accordingly,
there is  no  guarantee  as  to  the  timing or the number of
shares to be repurchased.

     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 8, 2001  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 8, 2001          /s/ Peter L. Vosotas
                                ------------------------------
                                Peter L. Vosotas
                                Chairman,   President,   Chief
                                Executive Officer(Principal
                                Executive Officer)


  Date: August 8, 2001         /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 8, 2001


                     FOR IMMEDIATE RELEASE


Nicholas               Contact:Ralph Finkenbrink          NASDAQ: NICK
                               Sr. Vice President, CFO
Nicholas Financial, Inc.       Ph # - 727-726-0763
Corporate Headquarters

2454 McMullen-Booth Rd.        Epoch Financial Group, Inc.
Building C, Suite 501          Todd Atenhan or Valerie Kimball
Clearwater, FL 33759           Ph # - 888-917-5109

                                    Web site:www.nicholasfinancial.com


         NICHOLAS FINANCIAL ANNOUNCES 2-for-1 STOCK SPLIT
                 & SECOND STOCK REPURCHASE PROGRAM


August  8,  2001  - Clearwater, Florida - Nicholas Financial,  Inc.
(Nasdaq,  NICK),  today announced that its Board of  Directors  has
declared  a  two-for-one stock split on the  Company's  outstanding
shares  of  common  stock, payable in the  form  of  a  100%  stock
dividend, on September 10, 2001 to shareholders of record as of the
close of business on August 28, 2001.

Nicholas  also  announced today that its  Board  of  Directors  has
approved  the  Company's  second stock repurchase  plan.  The  plan
authorizes  the repurchase of up to 5% of the Company's outstanding
common  stock,  or  approximately 250,000 shares,  as  adjusted  to
reflect   the   aforementioned  two-for-one   stock   split.   This
authorization  is  in addition to the original September  23,  1998
repurchase  authorization of 120,000 shares (5%  of  the  Company's
outstanding  common stock at that time), which,  as  of  August  7,
2001, had been completely utilized.

The repurchases will be made from time to time as market and
business conditions warrant, in open market, negotiated or block
transactions. All purchases are subject to the availability of
shares at prices which are acceptable to management of the Company
and, accordingly, there is no guarantee as to the timing or the
number of shares to be repurchased.

Commenting  on  the  Company's  stock  split,  Peter  L.   Vosotas,
Chairman, CEO and President noted, "Our strong capital position and
continued confidence in our earnings capability played a large part
in  our decision to implement a stock split, which we believe  will
enhance our market liquidity."

The  Company  has  approximately 2,500,000 shares of  common  stock
outstanding.  As a result of the stock dividend, the  Company  will
have approximately 5,000,000 shares of common stock outstanding.

Founded  in  1985,  with assets of $69 million at  June  30,  2001,
Nicholas  Financial is one of the largest publicly traded specialty
auto finance companies based in the Southeast. The Company operates
21  full  service Business Development Centers throughout  Florida,
Georgia  and  North  Carolina.  For an index of Nicholas  Financial
Inc.'s  news  releases or to obtain a specific release,  visit  our
website 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 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,  2001.  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 ##
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{"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": "1700725"}, "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"}}
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) August 8, 2001

                     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 7, 2001  The  Board  of Directors  of Nicholas
Financial, Inc. (the "Company") declared  a two-for-one stock
split on  the  Company's  outstanding shares of common stock,
payable in the form of a 100% stock dividend on September 10,
2001 to shareholders of record as of the close of business on
August 28, 2001.

     In addition, on August 7, 2001,  the  Board of Directors
of the Company approved the Company's second stock repurchase
plan. This  plan authorizes the repurchase of up to 5% of the
Company's outstanding  common stock, or approximately 250,000
shares, as adjusted to reflect the aforementioned two-for-one
stock split.   This  authorization  is  in  addition  to  the
original  September  23, 1998   repurchase  authorization  of
120,000 shares (5% of the Company's  outstanding common stock
at  that  time),  which,  as  of  August  7, 2001,  had  been
completely utilized. The repurchases  will  be made from time
to  time  as  market and business conditions warrant, in open
market, negotiated or block  transactions. All purchases  are
subject to the availability  of  shares  at  prices which are
acceptable  to  management  of  the Company and, accordingly,
there is  no  guarantee  as  to  the  timing or the number of
shares to be repurchased.

     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 8, 2001  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 8, 2001          /s/ Peter L. Vosotas
                                ------------------------------
                                Peter L. Vosotas
                                Chairman,   President,   Chief
                                Executive Officer(Principal
                                Executive Officer)

  Date: August 8, 2001         /s/ Ralph T. Finkenbrink
                               ------------------------------
                               Ralph T. Finkenbrink
                               (Principal  Financial Officer  and
                               Accounting Officer)
4

                         Exhibit Index

Exhibit No.

99.1           Press Release, dated August 8, 2001

                     FOR IMMEDIATE RELEASE

Nicholas               Contact:Ralph Finkenbrink          NASDAQ: NICK
                               Sr. Vice President, CFO
Nicholas Financial, Inc.       Ph # - 727-726-0763
Corporate Headquarters

2454 McMullen-Booth Rd.        Epoch Financial Group, Inc.
Building C, Suite 501          Todd Atenhan or Valerie Kimball
Clearwater, FL 33759           Ph # - 888-917-5109

                                    Web site:www.nicholasfinancial.com

         NICHOLAS FINANCIAL ANNOUNCES 2-for-1 STOCK SPLIT
                 & SECOND STOCK REPURCHASE PROGRAM

August  8,  2001  - Clearwater, Florida - Nicholas Financial,  Inc.
(Nasdaq,  NICK),  today announced that its Board of  Directors  has
declared  a  two-for-one stock split on the  Company's  outstanding
shares  of  common  stock, payable in the  form  of  a  100%  stock
dividend, on September 10, 2001 to shareholders of record as of the
close of business on August 28, 2001.

Nicholas  also  announced today that its  Board  of  Directors  has
approved  the  Company's  second stock repurchase  plan.  The  plan
authorizes  the repurchase of up to 5% of the Company's outstanding
common  stock,  or  approximately 250,000 shares,  as  adjusted  to
reflect   the   aforementioned  two-for-one   stock   split.   This
authorization  is  in addition to the original September  23,  1998
repurchase  authorization of 120,000 shares (5%  of  the  Company's
outstanding  common stock at that time), which,  as  of  August  7,
2001, had been completely utilized.

The repurchases will be made from time to time as market and
business conditions warrant, in open market, negotiated or block
transactions. All purchases are subject to the availability of
shares at prices which are acceptable to management of the Company
and, accordingly, there is no guarantee as to the timing or the
number of shares to be repurchased.

Commenting  on  the  Company's  stock  split,  Peter  L.   Vosotas,
Chairman, CEO and President noted, "Our strong capital position and
continued confidence in our earnings capability played a large part
in  our decision to implement a stock split, which we believe  will
enhance our market liquidity."

The  Company  has  approximately 2,500,000 shares of  common  stock
outstanding.  As a result of the stock dividend, the  Company  will
have approximately 5,000,000 shares of common stock outstanding.

Founded  in  1985,  with assets of $69 million at  June  30,  2001,
Nicholas  Financial is one of the largest publicly traded specialty
auto finance companies based in the Southeast. The Company operates
21  full  service Business Development Centers throughout  Florida,
Georgia  and  North  Carolina.  For an index of Nicholas  Financial
Inc.'s  news  releases or to obtain a specific release,  visit  our
website 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 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,  2001.  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 ##