<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549
                        ---------------------------

                                   Form 8-K

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

         Date of Report (Date of earliest event reported): September 28, 2000


                           AAMES FINANCIAL CORPORATION
             (Exact name of Registrant as Specified in Its Charter)


           DELAWARE                     0-19604                95-340340
(State or Other Jurisdiction          (Commission            (IRS Employer
        of Incorporation)             File Number)         Identification No.)



                       350 South Grand Avenue, 52nd Floor
                          Los Angeles, California 90071
                    (Address of Principal Executive Offices)



                              (323) 210-5000
              ----------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


                                         NA
             ------------------------------------------------------------
             (Former Name or Former Address, if Changed Since Last Report)


<PAGE>

ITEM 5.  OTHER EVENTS

         Reference is made to the two press releases of Registrant issued on
September 28, 2000 which contains information meeting the requirements of
this Item 5 and is incorporated herein by this reference. A copy of the press
releases are attached to this Form 8-K as Exhibit 99.1 and 99.2.

         Aames Capital Corporation, a wholly owned subsidiary of Aames
Financial Corporation is releasing the following information concerning
delinquency and loss in its loan servicing portfolio in response to inquiries
received from members of the financial community in connection with its
mortgage-backed securities. A copy of this information is attached to this
Form 8-K as Exhibit 99.3.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

<TABLE>
<CAPTION>
<S>               <C>
         (c)      EXHIBITS

         99.1     Press release issued September 28, 2000.

         99.2     Press release issued September 28, 2000.

         99.3     Information concerning delinquency and loss in the loan
                  servicing portfolio of Aames Capital Corporation.
</TABLE>


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<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this Current Report on Form 8-K to
be signed on its behalf by the undersigned hereunto duly authorized.

                                          AAMES FINANCIAL CORPORATION




Dated: October 2, 2000                    By: /s/ Ralph W. Flick
                                              -----------------------
                                              Ralph W. Flick
                                              Assistant Secretary


                                       3
<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>

EXHIBIT NO.                   DESCRIPTION OF EXHIBIT

<S>               <C>

         99.1     Press release issued September 28, 2000.

         99.2     Press release issued September 28, 2000.

         99.3     Information concerning delinquency and loss in the loan
                  servicing portfolio of Aames Capital Corporation.
</TABLE>


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