EXHIBIT 23.1

CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation of our
report dated April 2, 2002, 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 5, 2002