Exhibit
31.2

# SECTION 302 CERTIFICATION

I,
Ronald J. Nicolas, Jr., certify that:

|1. |  | I have reviewed this quarterly report on Form 10-Q of Aames Financial
        Corporation;
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|2. |  | Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
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|3. |  | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
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|4. |  | The registrants other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
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|a) |  | Designed
such disclosure controls and procedures, or caused such disclosure  controls and
procedures to be designed under our supervision, to ensure that  material information
relating to the registrant, including its consolidated  subsidiaries, is made known to us
by others within those entities, particularly  during the period in which this report is
being prepared;
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|b) |  | Evaluated
the effectiveness of the registrants disclosure controls and  procedures and
presented in this report our conclusions about the effectiveness  of the disclosure
controls and procedures, as of the end of the period covered  by this report based on
such evaluation; and
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|c) |  | Disclosed
in this report any changes in the registrants internal control  over financial
reporting that occurred during the registrants most recent  fiscal quarter (the
registrants fourth fiscal quarter in the case of an  annual report) that has
materially affected, or is reasonably likely to  materially affect, the registrants
internal control over financial  reporting; and
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|5. |  | The registrants other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
registrants auditors and the audit committee of registrants board of
directors (or persons performing the equivalent functions):
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1

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|a) |  | All
significant deficiencies and material weaknesses in the design or operation  of internal
control over financial reporting which are reasonably likely to  adversely affect the
registrants ability to record, process, summarize and  report financial
information; and
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|b) |  | Any
fraud, whether or not material, that involves management or other employees  who have a
significant role in the registrants internal control over  financial reporting.
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Date: February 13, 2004



| | /s/ Ronald J. Nicolas, Jr.   
| | -----------------------------
| | Ronald J. Nicolas, Jr.       
| | Chief Financial Officer      
| | (Principal Financial Officer)