Exhibit 99.1

                                        FOR IMMEDIATE RELEASE
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CONTACT:
                                        Stephen D. Axelrod, CFA
Mitchell Herman, CFO                    Andria Pilo (Media)
Asta Funding, Inc.                      Wolfe Axelrod Weinberger Assoc. LLC
(201) 567-5648                          (212) 370-4500; (212) 370-4505 (Fax)
                                        steve@wolfeaxelrod.com


   ASTA FUNDING, INC. ANNOUNCES CLOSING OF PUBLIC OFFERING OF ITS COMMON STOCK

ENGLEWOOD CLIFFS, N.J. - July 2, 2003 -- Asta Funding, Inc. (NASDAQ: ASFI), a
leading consumer receivables asset management and liquidation company, today
announced the closing of its public offering of 2,875,000 shares of its common
stock at a price to the public of $20.75 per share, or a total offering price of
$59.7 million.

Of the shares sold, 2,475,000 shares were sold by the Company, including 375,000
shares sold pursuant to exercise in full of the underwriters' over-allotment
option. Net proceeds to the Company from the offering were approximately $47.2
million. 400,000 shares were sold by certain stockholders. The offering was
managed by Ryan Beck & Co., Inc. and Brean Murray & Co., Inc., as joint
lead-managing underwriters.

The offering is being made only by means of a Prospectus. A written prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, may be
obtained from Ryan Beck & Co., Inc., 220 South Orange Avenue, Livingston, New
Jersey 07039 (800-342-2325) or Brean Murray & Co., Inc., 570 Lexington Avenue,
New York, NY 10022-6822 (212-702-6500).

A registration statement relating to these securities was filed with and
declared effective by the Securities and Exchange Commission. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

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Asta Funding, Inc.

Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer
receivables asset management company that specializes in the purchase,
liquidation and management of performing and non-performing consumer
receivables. Asta generates revenues and earnings primarily through purchase and
collection of performing and non-performing consumer receivables. For additional
information, please visit our website at www.astafunding.com.

Except for historical information containing herein, the matters set forth in
this news release are "forward looking" statements (as defined in the Private
Securities Litigation Reform Act of 1995). Although Asta Funding, Inc. believes
the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, there can be no assurance that its expectations will be
realized. Forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from Asta Funding, Inc.'s
expectations. Factors that could contribute to such differences include those
identified in Asta Funding, Inc.'s Form 10-KSB for the fiscal year ended
September 30, 2002, the Registration Statement on Form S-1 and final prospectus
dated June 27, 2003 and those described from time to time in Asta Funding,
Inc.'s other filings with the Securities and Exchange Commission, news releases
and other communications.

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