Clearwater, Florida, - March 28, 2007: Nicholas Financial, Inc. (Nasdaq, NICK), today announced that the Company has executed Amendment No. 8 to its Credit Line. This amendment increases the size of the Credit Line from $100 million to $110 million. All other terms and conditions of the Credit Line remain in effect.

According to Peter Vosotas, Chief Executive Officer and President, “The Credit Line increase will allow us to continue our planned growth during the next year and the Company is pleased to continue its lending relationship with Bank of America which began in March of 1993 and also includes Capital One, First Tennessee Bank, and Bank of Scotland as participating banks.”

Founded in 1985, with assets of $165,947,000 as of December 31, 2006, Nicholas Financial, Inc. is one of the largest publicly traded specialty consumer finance companies based in the Southeast. The Company presently operates out of 47 branch locations in both the Southeast and the Mid-West States. The Company has approximately 10,000,000 shares of common stock outstanding. For an index of Nicholas Financial Inc.’s news releases or to obtain a specific release, visit our web site at www.nicholasfinancial.com

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