UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                                                     0-27812
                                                                 ---------------
                                                                 SEC FILE NUMBER


                                                                 ---------------
                                                                    CUSIP NUMBER

                                   FORM 12b-25

                           NOTIFICATION OF LATE FILING

                                  (Check One):

            [x] Form 10-K and Form 10-KSB [ ] Form 11-K [ ] Form 20-F
                  [ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR

                       For Period Ended: December 31, 2001
                                         -----------------

                  [ ] Transition Report on Form 10-K and 10-KSB
                  [ ] Transition Report on Form 20-F
                  [ ] Transition Report on Form 11-K
                  [ ] Transition Report on Form 10-Q and Form 10-QSB
                  [ ] Transition Report on Form N-SAR
                  For the Transition Period Ended:     N/A
                                                   ------------

     Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.

     If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: N/A


Part I-Registrant Information

     Full Name of Registrant:

                            Medallion Financial Corp.

     Former Name if Applicable:


     Address of Principal Executive Office (Street and Number):

                               437 Madison Avenue

     City, State and Zip Code

                            New York, New York 10022






Part II-Rules 12b-25 (b) and (c)

     If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25, the following
should be completed. (Check box if appropriate)

[x]  (a)  The reasons described in reasonable detail in Part III of this form
          could not be eliminated without unreasonable effort or expense;

[x]  (b)  The subject annual report, semi-annual report, transition report on
          Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof will be
          filed on or before the fifteenth calendar day following the prescribed
          due date; or the subject quarterly report or transition report on Form
          10-Q, or portion thereof will be filed on or before the fifth calendar
          day following the prescribed due date; and

     (c)  The accountant's statement or other exhibit required by Rule 12b-25(c)
          has been attached if applicable.


Part III-Narrative

State below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q,
N-SAR or the transition report or portion thereof could not be filed within the
prescribed time period.

     The Form 10-K could not be filed within the prescribed time period because
the registrant lacked certain financial data and other information required to
complete the filing, and such information could not be obtained within the
prescribed time period without unreasonable effort and expense.


Part IV-Other Information

     (1) Name and telephone number of person to contact in regard to this
notification

Andrew M. Murstein, President              (212)             328-2100
- -------------------------------------------------------------------------------
(Name)                                     (Area Code)       (Telephone Number)

     (2) Have all other periodic reports required under section 13 or 15(d) of
the Securities Exchange Act of 1934 or section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).

                                                                  [x] Yes [ ] No

     (3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?

                                                                  [x] Yes [ ] No

     If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.






     As explained in the Company's press release, of March 20, 2002, (i) the
Company's net investment income after taxes was a loss of ($903,000) for the
fiscal year ended December 31, 2001, as compared to net investment income of
$9,266,013 for the prior fiscal year and (ii) the Company incurred a net decease
in net assets resulting from operations of $4,065,283 for the fiscal year ended
December 31, 2001, as compared to a net increase in net assets resulting from
operations of $7,540,688 for the prior fiscal year.






                            MEDALLION FINANCIAL CORP.
                  (Name of Registrant as specified in charter)

has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date: 4/2/2002                          By: /s/ Andrew M. Murstein
      -----------------------               ------------------------------
                                            Name:  Andrew M. Murstein
                                            Title: President