Consolidated Statement of Income - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Interest and fees on loans		$ 37,201,000	$ 34,081,000	$ 107,544,000	$ 94,833,000
Interest and dividends on investment securities		239,000	521,000	973,000	1,756,000
Medallion lease income			38,000	53,000	109,000
Total interest income	[1]	37,440,000	34,640,000	108,570,000	96,698,000
Interest on deposits		5,454,000	6,003,000	17,315,000	16,409,000
Interest on short-term borrowings		520,000	730,000	1,565,000	2,616,000
Interest on long-term debt		2,410,000	2,492,000	7,339,000	6,743,000
Total interest expense	[2]	8,384,000	9,225,000	26,219,000	25,768,000
Net interest income		29,056,000	25,415,000	82,351,000	70,930,000
Provision for loan losses		39,749,000	8,337,000	73,231,000	36,851,000
Net interest income after provision for loan losses		(10,693,000)	17,078,000	9,120,000	34,079,000
Other income (loss)
Sponsorship and race winnings		8,962,000	7,940,000	15,161,000	16,008,000
Write-down of loan collateral in process of foreclosure		(8,559,000)	(113,000)	(15,828,000)	(4,204,000)
Gain (loss) on equity investments		137,000		(3,423,000)
Gain on the extinguishment of debt		23,000		23,000	4,145,000
Other income (loss)		397,000	1,047,000	1,303,000	1,471,000
Total other income (loss), net		960,000	8,874,000	(2,764,000)	17,420,000
Other expenses
Salaries and employee benefits		7,081,000	6,795,000	20,716,000	18,457,000
Race team related expenses		2,636,000	2,663,000	6,584,000	7,211,000
Professional fees		1,651,000	2,277,000	6,559,000	5,961,000
Loan servicing fees		1,729,000	1,364,000	5,070,000	3,851,000
Collection costs		1,516,000	1,698,000	4,206,000	4,589,000
Rent expense		676,000	592,000	2,004,000	1,769,000
Amortization of intangible assets		362,000	361,000	1,084,000	1,084,000
Regulatory fees		348,000	252,000	949,000	1,147,000
Other expenses		2,682,000	2,350,000	6,966,000	7,169,000
Total other expenses		18,681,000	18,352,000	54,138,000	51,238,000
Income (loss) before income taxes		(28,414,000)	7,600,000	(47,782,000)	261,000
Income tax (provision) benefit		8,381,000	(165,000)	12,483,000	1,926,000
Net income (loss) after taxes		(20,033,000)	7,435,000	(35,299,000)	2,187,000
Less: income attributable to the non-controlling interest		3,597,000	2,460,000	5,951,000	3,484,000
Total net income (loss) attributable to Medallion Financial Corp.		$ (23,630,000)	$ 4,975,000	$ (41,250,000)	$ (1,297,000)
Basic net income (loss) per share		$ (0.97)	$ 0.20	$ (1.69)	$ (0.05)
Diluted net income (loss) per share		$ (0.97)	$ 0.20	$ (1.69)	$ (0.05)
Weighted average common shares outstanding
Basic		24,461,488	24,361,680	24,440,067	24,336,677
Diluted		24,461,488	24,607,167	24,440,067	24,336,677

[1] Included in interest and investment income is $306 and $940 of paid-in-kind interest for the three and nine months ended September 30, 2020, and $212 and $637 for the three and nine months ended September 30, 2019.

[2] Average borrowings outstanding were $1,309,787 and $1,255,053, and the related average borrowing costs were 2.55% and 2.79%, for the three and nine months ended September 30, 2020, and were $1,169,182 and $1,121,693 and 3.13% and 3.07% for the three and nine months ended September 30, 2019.