<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the Quarterly Period Ended March 31, 2001

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                  For the transition period from _____ to _____

                           Commission File No. 0-28910

                           GENERAL CREDIT CORPORATION
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

          New York                                            13-3895072
 ------------------------------                           -------------------
(State or other jurisdiction of                             (IRS Employer
 incorporation or organization)                           Identification No.)

                        370 Lexington Avenue, Suite 2000
                            New York, New York 10017
        -----------------------------------------------------------------
                    (Address of principal executive offices)

                                 (212) 697-4441
        -----------------------------------------------------------------
                           (Issuer's Telephone Number)


        -----------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports); and (2)
has been subject to such filing requirements for the past 90 days.
Yes [x] No [ ]

         On May 17, 2001, the number of shares of Common Stock of the issuer
outstanding was 3,662,550 shares of Common Stock, par value $.001 per share.

         Traditional Small Business Disclosure Format (check one):
Yes: [X] No [ ]

         Documents Incorporated By Reference: None.



<PAGE>   2






                           GENERAL CREDIT CORPORATION
                                   FORM 10-QSB
                          QUARTER ENDED MARCH 31, 2001

                                TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1. Financial Statements................................................  1

         Consolidated Condensed Balance Sheets,
                  March 31, 2001 and December 31, 2000......................F-1

         Consolidated Condensed Statements of Operations for the
                  Three Months Ended March 31, 2001 and 2000................F-2

         Consolidated Condensed Statements of Cash Flows for the
                  Three Months Ended March 31, 2001 and 2000................F-3

         Notes to Consolidated Condensed Financial Statements...............F-4

Item 2.  Management's Discussion and Analysis or Plan of Operation..........  2

PART II. OTHER INFORMATION

     Item 1. Legal Proceedings .............................................  6

     Item 2. Changes in Securities and Use of Proceeds......................  7

     Item 3. Defaults Upon Senior Securities................................  7

     Item 4. Submission of Matters to a Vote of Security Holders............  7

     Item 5. Other Information..............................................  7

     Item 6. Exhibits and Reports on Form 8-K...............................  7

SIGNATURES..................................................................  8





<PAGE>   3

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

         The unaudited, condensed financial statements included herein, have
been prepared in accordance with the requirements of Regulation S-B and
supplementary financial information included herein, if any, has been prepared
in accordance with Item 310(b) of Regulation S-B and, therefore, omit or
condense certain footnotes and other information normally included in financial
statements prepared in accordance with generally accepted accounting principles.
In the opinion of management, all adjustments (consisting only of normal
recurring accruals) necessary for a fair presentation of the financial
information for the interim periods reported have been made. Results of
operations for the three months ended March 31, 2001 are not necessarily
indicative of the results for the year ending December 31, 2001.

              [The remainder of this page intentionally left blank]







                                       1


<PAGE>   4




                   GENERAL CREDIT CORPORATION AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                     March 31,          December 31,
                                                       2001                 2000
                                                   ------------         ------------
                                                    (Unaudited)
<S>                                                <C>                  <C>
               ASSETS

Current assets:
     Cash and cash equivalents                     $  4,509,139         $  2,166,513
     Receivables from customers
          and brokers, net                            2,951,418            2,474,502
     Prepaid expenses and other
          current assets                                116,391              330,619
                                                   ------------         ------------
               Total current assets                   7,576,948            4,971,634

Fixed assets, at cost, less
          accumulated depreciation                      572,445              527,146
Investment in and advances to unconsolidated
          subsidiary                                  1,811,219            1,199,218
Notes receivable - brokers                              486,765              486,765
Notes receivable from officer                           124,767               42,726
Goodwill and other intangibles, net                     263,416              277,916
Other assets                                            609,201              359,054
                                                   ------------         ------------
               Total                               $ 11,444,761         $  7,864,459
                                                   ============         ============

               LIABILITIES

Current liabilities:
     Notes and advances payable                    $  7,610,912         $  5,275,284
     Accounts payable and accrued
          expenses                                    2,094,194              734,007
                                                   ------------         ------------
               Total current liabilities              9,705,106            6,009,291
                                                   ------------         ------------

Long-term portion of notes
          and advances payable                          408,490              460,354
                                                   ------------         ------------
Deferred rent payable                                    41,546               37,146
                                                   ------------         ------------

               SHAREHOLDERS' EQUITY

Shareholders' equity:
     Common shares, $.001 par value,
          20,000,000 shares authorized,
          3,662,550 shares and 3,662,550
          shares issued, respectively                     3,663                3,663
     Additional paid-in capital                       8,270,267            8,270,267
     Stock subscription receivable                      (60,220)             (70,794)
     Deficit                                         (6,903,714)          (6,845,468)
     Treasury stock - 55,000 shares at cost             (20,377)                  --
                                                   ------------         ------------
                                                      1,289,619            1,357,668
                                                   ------------         ------------
               Total                               $ 11,444,761         $  7,864,459
                                                   ============         ============


</TABLE>

    The accompanying notes are an integral part of the financial statements.



                                      F-1
<PAGE>   5




                   GENERAL CREDIT CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                          Three Months Ended
                                                               March 31,
                                                  ---------------------------------
                                                      2001                  2000
                                                  -----------           -----------

<S>                                               <C>                   <C>
Fee income - net                                  $ 1,832,490           $ 1,428,734
                                                  -----------           -----------
Expenses:

     Selling general and administrative             1,419,045               996,859

     Depreciation and amortization                     50,679                41,694

     Equity in income of unconsolidated
          subsidiary                                 (169,096)              (90,204)

     Interest expense - net                           590,108               407,447
                                                  -----------           -----------
                                                    1,890,736             1,355,796
                                                  -----------           -----------

Income (loss) before value of
          stock and stock options issued              (58,246)               72,938

Stock and stock options issued                             --               266,000
                                                  -----------           -----------


Net income (loss)                                 $   (58,246)          $  (193,062)
                                                  ===========           ===========

Net income (loss) per common share                $     (0.02)          $     (0.05)
                                                  ===========           ===========

Weighted average number of
          common shares outstanding                 3,607,550             3,615,000
                                                  ===========           ===========

</TABLE>


    The accompanying notes are an integral part of the financial statements.



                                      F-2
<PAGE>   6


                   GENERAL CREDIT CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                     Three Months Ended
                                                                          March 31,
                                                              ---------------------------------
                                                                 2001                  2000
                                                              -----------           -----------
<S>                                                           <C>                   <C>
Cash flows from operating activities:
     Net (loss)                                               $   (58,246)          $  (193,062)
     Adjustments to reconcile net (loss) to
         net cash (used in) provided by
         operating activities:
         Equity in earnings of unconsolidated
                subsidiary                                       (169,096)              (90,204)
         Issuance of stock and stock options                           --               266,000
         Depreciation and amortization                             50,679                41,694
         Reduction of stock subscription                            9,098                 4,445
         Bad debt expense                                         125,000                75,000
     Change in assets and liabilities
         Receivables from customers and brokers                  (601,916)             (745,877)
         Prepaid expenses                                         214,228              (168,737)
         Other assets                                            (243,476)              (63,030)
         Accounts payable and accrued expenses                  1,360,187               323,673
         Deferred rent payable                                      4,400                    --
                                                              -----------           -----------
            Net cash (used in) provided by
                operating activities                              690,858              (550,098)
                                                              -----------           -----------

Cash flows from investing activities:
     Purchase of fixed assets                                     (79,543)               (5,700)
     Increases in notes receivable                                     --              (186,000)
     Collections of notes receivable                                   --               193,478
     Increase in officer's life insurance receivable               (9,130)               (9,130)
     Increase in officer's notes receivable                       (82,041)                   --
     (Increase) Decrease in Investment in and
                advances to unconsolidated subsidiary            (442,905)              176,687
     Collection on loans to officer                                    --                 2,352
                                                              -----------           -----------
            Net cash provided by (used in)
                investing activities                             (613,619)              171,687
                                                              -----------           -----------

Cash flows from financing activities:
     Purchase of treasury stock                                   (20,377)                   --
     Borrowings under long-term and
         short term debt agreements                             2,866,289             4,496,902
     Repayments of long-term and
         short term debt                                         (580,525)              (39,380)
                                                              -----------           -----------
            Net cash provided by
                financing activities                            2,265,387             4,457,522
                                                              -----------           -----------
Net increase in cash and cash
         equivalents                                            2,342,626             4,079,111
Cash and cash equivalents, beginning
         of period                                              2,166,513             4,509,741
                                                              -----------           -----------

Cash and cash equivalents, end of period                      $ 4,509,139           $ 8,588,852
                                                              ===========           ===========

SUPLEMENTARY INFORMATION:
     Interest paid                                            $   500,800           $   456,771
                                                              ===========           ===========
     Taxes paid                                               $     3,587           $     4,690
                                                              ===========           ===========

</TABLE>


    The accompanying notes are an integral part of the financial statements.




                                      F-3
<PAGE>   7
                   GENERAL CREDIT CORPORATION AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION

The unaudited, condensed consolidated financial statements included herein,
commencing at page F-1, have been prepared in accordance with the requirements
of Regulation S-B and supplementary financial information included herein, if
any, has been prepared in accordance with Item 310(b) of Regulation S-B and,
therefore, omit or condense certain footnotes and other information normally
included in financial statements prepared in accordance with generally accepted
accounting principles. In the opinion of management, all adjustments (consisting
only of normal recurring accruals) necessary for a fair presentation of the
financial information for the interim periods reported have been made. The
financial statements should be read in conjunction with the financial statements
and notes thereto, together with Management's Discussion and Analysis of
Financial Condition or Plan of Operation, contained in the Company's 2000 Annual
Report on Form 10-KSB. Results of operations for the three months ended March
31, 2001 are not necessarily indicative of the results for a full year.

NOTE 2 - UNCONSOLIDATED SUBSIDIARY

CASH PAYROLL EXPRESS LLC ("CPE")

On April 27, 1999 the Company acquired an 80.5% common stock ownership in CPE.
However, as a result of a related stockholders agreement, control of CPE and the
Company's share of its earnings are divided equally between the Company and
CPE's minority common shareholder. Accordingly, the Company's interest in CPE is
accounted for on the equity method of accounting.


NOTE 3- SEGMENT INFORMATION

Commencing with the three months ended March 31, 2001, the Company determined
that the operations of its Rapidpay Corporation constitute a material operating
segment as defined in Statement of Financial Accounting Standards No. 131 of the
Financial Accounting Standards Board. Accordingly, the Company's information by
segment as at March 31, 2001 and for the three months then ended is as follows:

                                               CREDIT CARD
                             CHECK              SALES SLIP
                           FACTORING            PURCHASES             TOTAL
                           ---------          -------------          -------
Fee income - net          $1,421,725          $    410,765         $ 1,832,490
                          ==========          ============         ===========

Net earnings (loss)       $   16,518          $    (74,764)        $   (58,246)
                          ==========          ============         ===========

Total assets              $9,130,589          $  2,314,172         $11,444,761
                          ==========          ============         ===========

Comparable segment information as at March 31, 2000 and for the three months
then ended is not available.

                                      F-4
<PAGE>   8
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

        The following discussion of the financial condition or plan of operation
of the company should be read in conjunction with the Company's consolidated
financial statements and notes.

OVERVIEW

        General Credit Corporation (the "Company") is a New York corporation
organized in February 1995. The Company is currently engaged in providing
working capital financing to its customers through the discounted purchase of
(i) checks commonly referred to as "check factoring"); and (ii) through its
subsidiary, Rapidpay Corporation, credit card sales slips. The Company provides
these services to its customers, generally on a non-recourse basis with respect
to its customers except to the extent of forged signatures on and stop payments
of the purchased checks and credit card sales slips. To date, the purchase of
credit card sales slips has increased quarter to quarter, and currently
represents approximately 10% of the Company's fee income.

RESULTS OF OPERATIONS

        For the three months ended March 31, 2001, the Company derived fee
income of $1,832,490 from the purchase of checks and credit card sales slips,
compared to $1,428,734 for the three months ended March 31, 2000. The face
amount of checks purchased during the three months ended March 31, 2001 was
approximately $132,972,000 compared to $135,286,000 for the three months ended
March 31, 2000, and the face amount of credit card sales slips purchased during
the three months ended March 31, 2001 was approximately $7,413,000 compared to
$2,313,000 for the three months ended March 31, 2000.

        Selling, general and administrative expenses, including, among other
expenses, amounts paid in respect of sales representatives, payroll and related
expenses and office overhead costs (including rent) during the three months
ended March 31, 2001 and March 31, 2000 was $1,419,045 and $996,859,
respectively, which represents 77% and 70% of fee income, respectively. The
Company's selling, general and administrative expenses increased as a result of
an increase in the Company's bad debt expense, an increase in the Company's
payment of brokerage commissions, an increase in payroll and related costs, an
increase in advertising and public relations expenses and an increase in rental
expenses. In addition, included in the selling, general and administrative
expenses for the three month period ended March 31, 2001 is an increase in the
allowance for bad debts in the amount of $125,000.

        For the three month period ended March 31, 2001, interest expense, net
of interest income, was $590,108, which reflects the high interest rate the
Company is paying for its borrowings compared to $407,447 for the three months
ended March 31, 2000. The increase in interest expense results from additional
borrowings made by the Company




                                       2
<PAGE>   9

during the three months ended March 31, 2001 as compared to the three months
ended March 31, 2000.

         For the three months ended March 31, 2001, the Company incurred
non-cash expenses of $175,679 as compared to $389,825 for the three months ended
March 31, 2000, which March 31, 2000 amounts consisted primarily of non-cash
expenses associated with the issuance by the Company of stock options to acquire
225,000 shares of the Company's Common Stock, the amortization of the intangible
assets resulting from the purchase of the business of a commissioned agent in
September 1997 and another company in April 1999, and an increase in the
allowance for bad debts in the amount of $125,000 compared to $75,000 for the
three months ended March 31, 2000.

         Net loss for the three months ended March 31, 2001 was $58,246 or $.02
per share, compared to $193,062 or $.05 per share for the three months ended
March 31, 2000.

         Earnings before taxes, depreciation, and the increase in allowance for
bad debts and amortization ("EBTDA") during the three months ended March 31,
2001 was $117,433 or approximately $.03 per share per the weighted average
number of shares outstanding compared to $201,453 or $.06 per share for the
three months ended March 31, 2000. EBTDA is not presented as an alternative to
operating results or cash flow from operations as determined by generally
accepted accounting principles ("GAAP"), but rather to provide additional
information related to the ability of the Company to meet current trade
obligations and debt service requirements. EBTDA should not be considered in
isolation from, or construed as having greater importance than, GAAP operating
income or cash flows from operations as a measure of an entity's performance.

LIQUIDITY AND CAPITAL RESOURCES

         The Company's capital requirements generally increase proportionately
to the aggregate face amount of checks and credit card sales slips purchased,
although more rapid collection of purchased checks and credit card sales slips
can mitigate the company's cash needs. The Company finances its operations
principally through (i) cash flow generated from operations; (ii) a $500,000
working capital loan (the "$500,000 Loan") provided by the wife of a sales
representative of the Company; (iii) a demand loan from an unaffiliated third
party in the principal amount of $2.15 million (the "$2.15 Million Dollar
Loan"); (iv) a term loan due March 2003 from Irwin Zellermaier, the Company's
Chief Executive Officer and Chairman of the Board in the principal amount of
$31,773 as of March 31, 2001 (the "Zellermaier Loan"); (v) a demand loan from an
entity controlled by Irwin Zellermaier, Greg Ronan, a director of the Company
and an attorney with a law firm who provides legal services to the Company and
family members of Gerald Nimberg, the Company's President, Chief Operating
Officer, Acting Chief Financial Officer, Secretary and Treasurer in the
principal amount of $902,742 as



                                       3
<PAGE>   10

of March 31, 2001 (the "Zellermaier Entity Loan"); (vi) a term loan relating to
the Company's acquisition of a company engaged in check factoring in the amount
of $250,172 as of March 31, 2001 (the "Acquisition Loan"); (vii) a term loan
relating to the Company's acquisition of a company engaged in check factoring in
the amount of $186,619 as of March 31, 2001 (the "Second Acquisition Loan");
(viii) demand loans from unaffiliated third parties in the aggregate principal
amount of approximately $3,055,000 as of March 31, 2001 (the "Aggregate Loans");
(ix) a working capital credit facility in the aggregate original principal
amount of up to $2.5 million (the "Credit Facility") provided by a corporation
(the "Affiliated Corporation"), in part owned by Gerald Schultz, the former
owner of NYPF and Ann Nimberg, the wife of Gerald Nimberg, and (x) short term
working capital loan arrangements with various banks and lenders, unaffiliated
with the Company, who extend credit to the Company based upon uncollected checks
purchased by the Company and deposited for payment. This credit has, from time
to time, reached approximately $3 million and is typically repaid with interest
or uncollected bank charges daily or every few days.

         Pursuant to the $500,000 Loan, the Company is obligated to pay, on a
monthly basis, interest only at 21% per annum on the outstanding principal
amount under the $500,000 Loan. All accrued but unpaid interest together with
the principal amount outstanding under the $500,000 Loan is due to be repaid by
the Company in November 2001. The principal amount outstanding under the
$500,000 Loan as of March 31, 2001 was $324,168. The Company may prepay the
$500,000 Loan without premium or penalty.

         As of March 31, 2001, the principal amount owed under the $2.15 Million
Dollar Loan was $2.15 million, which amount is payable by the Company upon
demand. Interest at 24% per annum on the $2.15 Million Dollar Loan is paid by
the Company monthly.

         As of March 31, 2001, the principal amount owed under the Zellermaier
Loan was $31,773. The Company is obligated to make monthly payments on the
Zellermaier Loan through March 2003 consisting of principal and interest at
11.9% per annum.

         As of March 31, 2001, the principal amount owed under the Zellermaier
Entity Loan was $902,742. The principal amount of the Zellermaier Entity Loan is
repayable by the Company on demand. Interest at 23% per annum is payable monthly
by the Company on the Zellermaier Entity Loan.

         As of March 31, 2001, the amount owed under the Acquisition Loan was
$250,172 which is payable by the Company in monthly amounts of $8,022 through
April 2003, which monthly amount includes interest at 7% per annum.

         As of March 31, 2001, the amount owed under the Second Acquisition Loan
was $186,619 which is payable by the Company in monthly amounts of $7,040
through October 2003, which monthly amount includes interest at 10% per annum.





                                       4
<PAGE>   11

         As of March 31, 2001, the amount owed under the Aggregate Loans is
$3,055,000 which is payable by the Company upon demand. The interest rates range
from 18% to 21% per annum payable monthly by the Company on the Aggregate Loans.

         Pursuant to the terms of the Credit Facility, the Affiliated
Corporation established a credit facility in favor of the Company in the
aggregate principal amount of $2.5 million. Interest at 23% per annum on the
amounts outstanding under the Credit Facility is payable monthly by the Company
pursuant to the Credit Facility. As of March 31, 2001, there were no amounts
outstanding under the Credit Facility. The Company's repayment obligations under
the Credit Facility are secured by uncollected checks purchased by the Company
with amounts advanced to the Company under the Credit Facility. The amounts
received by the Company from such checks are required to be delivered to the
Affiliated Corporation as repayment for the amounts owed by the Company under
the Credit Facility. The amount available to the Company under the Credit
Facility is reduced to $1.2 million on July 31, 2001 and the Credit Facility
expires and all amounts then outstanding under the Credit Facility are due and
payable by the Company on July 31, 2002. Pursuant to the Credit Facility, the
full amount of the Credit Facility expires and becomes due and payable, in the
event, among other things: (i) the Company's fee income is less than $1 million
each quarter; (ii) the Company's cash balances are less than $4 million (which
amounts are exclusive of the collateral required under the Credit Facility); or
(iii) if Gerald Nimberg is no longer employed by the Company.

         In order for the Company to grow and purchase checks and credit card
slips, it requires capital. To date, the Company has not had adequate cash
resources to satisfy the demand it perceives for its check and credit card slip
purchasing services. To the extent the Company has borrowed capital, it has
incurred very high interest rates. The Company is currently seeking additional
debt or equity financing to attempt to fund expansion of the Company's business.
There can be no assurances that additional financing will be available on terms
favorable to the Company, if at all. If adequate funds are not available or are
not available on acceptable terms, the Company may not be able to maintain or
improve operating results, fund growth, take advantage of certain acquisition
opportunities or respond to competitive pressures.

         As of March 31, 2001, the Company had available cash and cash
equivalents and certificates of deposit of approximately $4,509,139 as compared
to approximately $2,166,513 as of December 31, 2000. This increase in cash is
due principally to the elimination of the Company's obligation to maintain
collateral in the form of restricted cash as was required under a credit
obligation of the Company.

EFFECTS OF INFLATION

         The Company believes that the results of its operations could be
materially impacted by inflation, including increases in interest rates
generally, if inflation materially adversely affected the operations of the
Company's customers and their customers, and if inflation materially increased
the Company's costs of obtaining working




                                       5
<PAGE>   12

capital (e.g., if the Company entered into larger lines of credit in lieu of its
maintaining some of the current bank deposits against which it negotiates checks
purchased by it).

FORWARD LOOKING INFORMATION MAY PROVE INACCURATE

         This Quarterly Report on Form 10-QSB contains certain forward-looking
statements and information relating to the Company that are based on the beliefs
of management, as well as assumptions made by and information currently
available to the Company. When used in this document, the word "anticipate,"
"believe," "estimate," "expect" and "intends" and similar expressions, as they
relate to the Company, are intended to identify forward-looking statements. Such
statements reflect the current views of the Company with respect to future
events and are subject to certain risks, uncertainties and assumptions,
including the uncertainty associated with the Company's acquisition of
additional financing, those described in this Quarterly Report on Form 10-QSB,
the Company's Registration Statement on Form SB-2 (SEC File No. 333-09831)
declared effective by the Securities and Exchange Commission on April 25, 1997
and periodic reports filed by the Company. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described herein as anticipated,
believed, estimated or expected. The Company does not intend to update these
forward-looking statements.

                           PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         The Company has commenced an action against a bank seeking damages
of $500,000 for the negligent handling of checks deposited by the Company and
over $1,000,000 for the improper termination of an agreement for the deposit of
checks in October 1999. The bank has asserted counterclaims against the Company
of $240,000 for dishonored checks deposited by the Company at the bank and up to
$10,000,000 in the event that any additional checks previously deposited by the
Company are subsequently dishonored. The Company is vigorously defending against
the counterclaims.

         The Company has been served with a complaint from an unaffiliated third
party plaintiff alleging that the Company refused to comply with the plaintiff's
request to remove the transfer restrictions on 215,000 shares of Common Stock
allegedly owned by the plaintiff. The plaintiff has requested a judgment be
entered in the amount of approximately $600,000 or in the alternative that the
court order the Company to immediately remove the transfer restrictions on such
shares allegedly owned by the plaintiff. The Company is vigorously defending
against the allegations made therein.

         The Company is engaged from time to time as plaintiff in litigation
relating to collection of returned checks. Such litigation has not historically
had any material adverse effect on its financial condition or results of
operations.




                                       6
<PAGE>   13

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS

         During the first quarter ended March 31, 2001, no matters were
submitted to a vote of security holders of the Company, through the solicitation
of proxies or otherwise.

ITEM 5. OTHER INFORMATION

         None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits

                  None.

         (b)      Reports on Form 8-K

                  None.






                                       7
<PAGE>   14
                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                         GENERAL CREDIT CORPORATION



Date: May 21, 2001                       By: /s/ IRWIN ZELLERMAIER
                                             -----------------------------------
                                             Irwin Zellermaier, Chief
                                             Executive Officer



Date: May 21, 2001                       By: /s/ GERALD NIMBERG
                                             ----------------------------------
                                             Gerald Nimberg, Principal Financial
                                             and Accounting Officer





                                       8