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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 tPcuDhwSV58aSJUv3xOvqQ==

<SEC-DOCUMENT>0000897069-06-000171.txt : 20060125
<SEC-HEADER>0000897069-06-000171.hdr.sgml : 20060125
<ACCEPTANCE-DATETIME>20060125183633
ACCESSION NUMBER:		0000897069-06-000171
CONFORMED SUBMISSION TYPE:	5/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20060125
DATE AS OF CHANGE:		20060125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MAHAN MARVIN H
		CENTRAL INDEX KEY:			0001268751

	FILING VALUES:
		FORM TYPE:		5/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26680
		FILM NUMBER:		06550744

	BUSINESS ADDRESS:	
		STREET 1:		6268 PALMA DEL MAR #110E
		CITY:			ST PETERSBURG
		STATE:			FL
		ZIP:			33715

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS FINANCIAL INC
		CENTRAL INDEX KEY:			0001000045
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				593019317
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		2454 MCMILLEN BOOTH RD
		STREET 2:		BLDG C 501 B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
		BUSINESS PHONE:		8137260763

	MAIL ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
</SEC-HEADER>
<DOCUMENT>
<TYPE>5/A
<SEQUENCE>1
<FILENAME>cmw1939_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>5/A</documentType>

    <periodOfReport>2005-03-31</periodOfReport>

    <dateOfOriginalSubmission>2005-05-10</dateOfOriginalSubmission>

    <notSubjectToSection16>1</notSubjectToSection16>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001000045</issuerCik>
        <issuerName>NICHOLAS FINANCIAL INC</issuerName>
        <issuerTradingSymbol>NICK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001268751</rptOwnerCik>
            <rptOwnerName>MAHAN MARVIN H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>6268 PALMA DEL MAR #110E</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ST. PETERSBURG</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33715</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>114666</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Grenma, Inc.</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The original Form 5 filed on May 10, 2005, noted that on December 30, 2004, Grenma, Inc. transferred by gift 114,666 shares
 of Common Stock to a charitable trust. This statement was incorrect.  On December 30, 2004, Ingrid T. Mahan, the sole
 shareholder of Grenma, Inc., transferred all of the outstanding equity of Grenma, Inc. to a charitable trust, of which she
 is the donor and one of three trustees.  At the time of such transfer, Grenma, Inc. was the owner of 114,666 shares of
 Common Stock (based on pre-split numbers).</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Marvin H. Mahan</signatureName>
        <signatureDate>2006-01-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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