Consolidated Statements of Operations - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Interest and fees on loans		$ 41,250,000	$ 37,201,000	$ 115,237,000	$ 107,544,000
Interest and dividends on investment securities		247,000	239,000	716,000	973,000
Medallion lease income					53,000
Total interest income	[1]	41,497,000	37,440,000	115,953,000	108,570,000
Interest on deposits		4,189,000	5,454,000	13,366,000	17,315,000
Interest on short-term borrowings		39,000	520,000	690,000	1,565,000
Interest on long-term debt		3,198,000	2,410,000	9,662,000	7,339,000
Total interest expense	[2]	7,426,000	8,384,000	23,718,000	26,219,000
Net interest income (loss)		34,071,000	29,056,000	92,235,000	82,351,000
Provision (benefit) for loan losses		(337,000)	39,749,000	2,000,000	73,231,000
Net interest income (loss) after loss provision		34,408,000	(10,693,000)	90,235,000	9,120,000
Other income (loss)
Sponsorship and race winnings, net		3,335,000	8,962,000	10,153,000	15,161,000
Gain (loss) on equity investments		4,101,000	137,000	7,306,000	(3,423,000)
Write-down of loan collateral in process of foreclosure		(438,000)	(8,559,000)	(5,385,000)	(15,828,000)
Gain on extinguishment of debt		2,859,000	23,000	4,626,000	23,000
Other income (loss)		208,000	397,000	209,000	1,303,000
Total other income (loss), net		7,206,000	960,000	16,909,000	(2,764,000)
Other expenses
Salaries and employee benefits		7,957,000	7,081,000	21,542,000	20,716,000
Race team related expenses		2,424,000	2,636,000	7,219,000	6,584,000
Loan servicing fees		1,684,000	1,729,000	5,062,000	5,070,000
Professional fees		1,963,000	1,651,000	4,694,000	6,559,000
Collection costs		1,136,000	1,516,000	4,010,000	4,206,000
Rent expense		481,000	676,000	1,780,000	2,004,000
Regulatory fees		488,000	348,000	1,383,000	949,000
Travel, meals, and entertainment		175,000	64,000	404,000	303,000
Amortization of intangible assets		362,000	362,000	1,083,000	1,084,000
Other expenses		2,053,000	2,618,000	6,008,000	6,663,000
Total other expenses		18,723,000	18,681,000	53,185,000	54,138,000
Net income (loss) before taxes		22,891,000	(28,414,000)	53,959,000	(47,782,000)
Income tax (provision) benefit		(6,167,000)	8,381,000	(16,573,000)	12,483,000
Net income (loss) after taxes		16,724,000	(20,033,000)	37,386,000	(35,299,000)
Less: income attributable to the non-controlling interest		784,000	3,597,000	2,748,000	5,951,000
Total net income (loss) attributable to Medallion Financial Corp.		$ 15,940,000	$ (23,630,000)	$ 34,638,000	$ (41,250,000)
Basic net income (loss) per share		$ 0.65	$ (0.97)	$ 1.41	$ (1.69)
Diluted net income (loss) per share		0.64	(0.97)	1.39	(1.69)
Distributions declared per share		$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding
Basic		24,634,845	24,461,488	24,583,573	24,440,067
Diluted		24,990,226	24,461,488	24,945,707	24,440,067

[1] Included in interest and investment income is $188 and $682 of paid-in-kind interest for the three and nine months ended September 30, 2021 and $306 and $940 for the three and nine months ended September 30, 2020.

[2] Average borrowings outstanding were $1,391,350 and $1,342,581, and the related average borrowing costs were 2.12% and 2.36% for the three and nine months ended September 30, 2021, and were $1,309,787 and $1,255,053, and 2.55% and 2.79%, for the three and nine months ended September 30, 2020.