Clearwater, Florida, - August 6, 2003 - Nicholas Financial, Inc. (Nasdaq, NICK),  today announced that Scott Fink and Percy R. Luney Jr. have been elected to serve on the Company’s Board of Directors, increasing the current size of the Board to 6 members. Mr. Fink, is currently President and owner of Hyundai of New Port Richey as well as several automobile collision repair centers in Florida. Mr. Luney, is currently the Dean and Professor of Law at the Florida A&M University College of Law in Orlando, Florida and has a long and distinguished background in academia and the law.

“The addition of Mr. Luney and Mr. Fink, will significantly strengthen the Corporate Governance of our Company,” said Peter Vosotas, Nicholas Financial’s Chairman, CEO and President. “Each of these men bring an impressive track record of achievement and success to our Company. Nicholas Financial will benefit immensely as a result of their inclusion. I am extremely proud that they have elected to join our Board of Directors.”

Mr. Fink was awarded a Bachelors of Science degree in Accounting from Wagner College in Staten Island, NY. Prior to his current positions, Mr. Fink owned and operated Toyota and Mitsubishi dealerships in Clearwater, Florida. He also served in various management positions at Ford Motor Company. Scott is married with three children and is involved in several local civic and charitable organizations in the Clearwater, Florida area.

Among his many accomplishments Mr. Luney has been admitted to practice law in the Supreme Court of The United States of America, the State of Tennessee and District of Columbia, U.S. Courts of Appeals as well as the Sixth, Ninth and District of Columbia Circuits. He received a Bachelors degree from Hamilton College of Clinton, New York and a Law Degree from Harvard Law School. Prior to his current position, Mr. Luney served as President of The National Judicial College in Reno Nevada and was Dean and Professor of Law at North Carolina Central University School of Law in Durham, North Carolina. In addition he has taught law and the Japanese legal system at several major academic institutions including Duke University in Durham, North Carolina. Mr. Luney was also named a Fulbright Research Scholar at the University of Tokyo Faculty of Law in Tokyo, Japan and served as a Fulbright Lecturer at Kobe University Faculty of Law in Kyoto, Japan. Percy is married and resides in the Orlando area, where he is involved with several local civic and charitable organizations.

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 5,000,000 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, please visit our web site at www.nicholasfinancial.com.