EXHIBIT 23.1

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation of our
report dated April 2, 2001, included in this Form 10-K into Medallion Financial
Corp.'s previously filed registration statements on Form S-8 (File Nos.
333-19057 and 333-27977).


/s/ Arthur Andersen LLP
- -----------------------
New York, New York
- ------------------
April 2, 2001
- -------------