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

                                  FORM 12b-25              +------------------+
                                                           | SEC FILE NUMBER  |
                          NOTIFICATION OF LATE FILING      | 0-20570          |
                                                           +------------------+
(Check One): [_] Form 10-K  [_] Form 20-F   [_] Form 11-K  +------------------+
             [X] Form 10-Q  [_] Form N-SAR                 |   CUSIP NUMBER   |
                                                           | 585162100        |
                For Period Ended March 31, 2002            +------------------+
                [_] Transition Report on Form 10-K
                [_] Transition Report on Form 20-F
                [_] Transition Report on Form 11-K
                [_] Transition Report on Form 10-Q
                [_] Transition Report on Form N-SAR
                For the Transition Period Ended:
                                                 ------------------------------

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| Read Instruction (on back page) Before Preparing Form. Please Print or Type  |
|  Nothing in this form shall be construed to imply that the Commission has    |
|                 verified any information contained herein.                   |
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:

________________________________________________________________________________

PART I - REGISTRANT INFORMATION

         Mego Financial Corp.
- --------------------------------------------------------------------------------
Full Name of Registrant

________________________________________________________________________________
Former Name if Applicable

         4310 Paradise Road
- --------------------------------------------------------------------------------
Address of Principal Executive Office (Street and Number)

         Las Vegas, Nevada 89109
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City, State and Zip Code

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(b), the following should
be completed. (Check box if appropriate)

    | (a)  The reasons described in reasonable detail in Part III of this form
    |      could not be eliminated without unreasonable effort or expense;
    | (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
[X] |      prescribed due date; or the subject quarterly report of 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

It was discovered after the Report was complete that cetain of the comparisons
in Item 7, "Management's Discussion and Analysis of Financial Condition and
Results of Operation" were incorrect.


Attached.
                                                 (Attach Extra Sheets if Needed)
                                                                 SEC 1344 (6/93)


PART IV - OTHER INFORMATION

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

     Floyd W. Kephart                    (702)                 737-3620
     ----------------------------    --------------    -------------------------
               (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
     answer is no, identify report(s).                      [X] Yes [_] No

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(3)  The Company has changed its fiscal year and implemented a new business
     plan.

     Attached.

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                             MEGO FINANCIAL CORP.
          -----------------------------------------------------------
                 (Name of Registrant as Specified in Charter)

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

Date  May 21, 2002                     By /s/ Floyd W. Kephart
    ------------------------------        ----------------------------------
                                              Floyd W. Kephart

INSTRUCTION:  The form may be signed by an executive officer of the registrant
or by any other duly authorized representative.  The name and title of the
person signing the form shall be typed or printed beneath the signature.  If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.

+----------------------------------ATTENTION-----------------------------------+
|                Intentional misstatements or omissions of fact                |
|         constitute Federal Criminal Violations (See 18 U.S.C. 1001).         |
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                             GENERAL INSTRUCTIONS

1.  This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
    Rules and Regulations under the Securities Exchange Act of 1934.

2.  One signed original and four conformed copies of this form and amendments
    thereto must be completed and filed with the Securities and Exchange
    Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
    General Rules and Regulations under the Act. The information contained in or
    filed with the form will be made a matter of public record in the Commission
    files.

3.  A manually signed copy of the form and amendments thereto shall be filed
    with each national securities exchange on which any class of securities of
    the registrant is registered.

4.  Amendments to the notifications must also be filed on form 12b-25 but need
    not restate information that has been correctly furnished.  The form shall
    be clearly identified as an amended notification.

5.  Electronic Filers.  This form shall not be used by electronic filers unable
    to timely file a report solely due to electronic difficulties.  Filers
    unable to submit a report within the time period prescribed due to
    difficulties in electronic filing should comply with either Rule 201 or
    Rule 202 of Regulation S-T ((S)232.201 or (S)232.202 of this chapter) or
    apply for an adjustment in filing date pursuant to Rule 13(b) of Regulation
    S-T ((S)232.13(b) of this chapter).