EXHIBIT 10(t)





                        PIONEER FINANCIAL SERVICES, INC.
                     EXECUTIVE DEFERRED COMPENSATION PROGRAM



                              C E R T I F I C A T E



               I,  ___________________________,  Secretary of  Pioneer Financial
Services,  Inc., hereby  certify that  the foregoing  is a correct  copy of  the
Pioneer  Financial  Services,  Inc.  Executive  Deferred  Compensation  Program,
effective January 1, 1996.

               Dated this ____ day of ______________, 199_.



                                   Secretary as Aforesaid

                                      (Corporate Seal)

                                TABLE OF CONTENTS


                                                                           PAGE

SECTION 1                                                                     1
     Purpose                                                                  1
          Purpose                                                             1
          Employers                                                           1
          Effective Date                                                      1
          Administrator                                                       1
          Notices                                                             2

SECTION 2                                                                     3
     Eligibility and Participation                                            3
          Eligibility                                                         3
          Continuity of Participation                                         3
SECTION 3                                                                     5
     Enrollment and Deferral Elections                                        5
          Bonus Deferral Elections                                            5
          Period for Which Deferral Election Effective                        6
          Distribution Elections                                              6
          Deferral Account                                                    7
          Adjustment of Participants' Accounts                                7
          Statement of Account                                               11

SECTION 4                                                                    13
     Distribution of Deferral Accounts                                       13
          Distributions                                                      13
          Early and Normal Retirement Distributions                          13
          Designation of Beneficiary                                         14
          Withholding; Employment Taxes                                      14

SECTION 5                                                                    15
     Administration and Interpretation                                       15

SECTION 6                                                                    16
     Miscellaneous                                                           16
          No Right to Company Assets; Limitations Related to Company Stock   16
          No Employment Rights                                               17
          Facility of Payment                                                17
          Nonassignability                                                   17
          Effect on Other Benefits                                           18
          Independence of Program                                            19
          Responsibility For Legal Effect                                    19
          Action by the Company                                              19
          Successors, Acquisitions, Mergers, Consolidations                  19
          Gender and Number                                                  19
          Governing Laws                                                     20

SECTION 7                                                                    21
     Amendment and Termination                                               21


                        PIONEER FINANCIAL SERVICES, INC.
                     EXECUTIVE DEFERRED COMPENSATION PROGRAM



                                    SECTION 1

                                     Purpose


          1.1.   Purpose.  PIONEER FINANCIAL SERVICES, INC.  EXECUTIVE DEFERRED
COMPENSATION PROGRAM (the  "program") has been established by PIONEER FINANCIAL
SERVICES, INC. (the "company") to enable designated employees to elect to defer
a portion of their bonuses and other cash compensation, subject to the terms of
the program.

          1.2.   Employers.   The  program  as set  forth below shall apply  to
eligible  employees of the  company and each domestic subsidiary of the company
which adopts the program with the consent of the administrator. The company and
each  domestic subsidiary  of  the company  which  adopts the program  with the
administrator's consent will be referred to as an "employer" and may be 
referred to collectively as the "employers."

          1.3.   Effective Date.  The "effective  date" of the  program as  set
forth below is January 1, 1996.  

          1.4.  Administrator. The program will be administered by the company.

          1.5.  Notices.  Any notice or document relating  to the program which
is to be  filed with the company may be delivered,  or mailed by  registered or
certified  mail, postage prepaid,  to  __________________, in  care  of Pioneer
Financial Services, Inc., 304 North Main Street, Rockford, Illinois  61101.

                                    SECTION 2

                          Eligibility and Participation



          2.1.  Eligibility.  Each  calendar year (beginning  with the calendar
year  ending December 31, 1996),  the administrator  will designate  before the
beginning of the calendar year those employees who are  eligible to participate
in the program.  In general, employees eligible for the program will be limited
to a select  group of  management and highly-compensated employees with  annual
compensation  in  excess of  $100,000.   An employee designated as  eligible to
participate in the  program for any  calendar year may become a participant  by
making a deferral election  on a timely basis as described in subsection 3.1 or
3.2 below.

          2.2.    Continuity of  Participation.   A participant in  the program
who separates  from  service  with the  company  and all  its subsidiaries  and
affiliates will cease participation and will become entitled to distributions 
as described in Section 4.  However, the separation from service of an employee
with one  employer will  not interrupt the  continuity of his participation if,
concurrently with or immediately after such separation, he is employed by one 
or more of the other employers.  A participant who separates from service with 
all employers but remains in the employ of a subsidiary or affiliate of  the 
company which has not adopted the program, will become entitled to 
distributions on the respective distribution dates  selected by  him pursuant 
to subsection 3.4.  A participant will separate from service upon the first to
occur of the following:

          (a)  Retirement on or after attaining age 65 years

          (b)  Retirement  on account  of  disability at  any age,  as
               determined by  a  qualified physician  selected by  the
               administrator.    A   participant  will  be  considered
               disabled for purposes of the program if,  on account of
               a disability, he is no longer capable of performing the
               duties assigned to him by his employer.  

          (c)  The participant's death 

          (d)  Resignation or  dismissal from the employee  of all the
               employers before retirement and for a reason other than
               disability.  



                                    SECTION 3

                        Enrollment and Deferral Elections



          3.1.  Bonus Deferral  Elections.  In order  to defer a portion of his
bonus for  any calendar year, an  employee designated as a participant for that
calendar year may irrevocably  elect to defer not less than 10 percent nor more
than 100 percent (in whole five percent increments) of his bonus for that year.
The amount deferred by a participant under the preceding sentence, together 
with the compensation deferral elected under subsection 3.2, shall not be less 
than $5,000 for any calendar year.  A participant must make his bonus deferral
election  in advance  by signing  a deferral  agreement and  filing it with the
administrator no later than the December 31 which precedes the calendar year to
which the election relates.   A participant's deferral election filed with  the
administrator  is irrevocable  on and  after the December 31  deadline for  the
election.

          3.2  Compensation Deferral Elections. In order to defer  a portion of
his  cash  compensation for  any  calendar year, an  employee  designated as  a
participant for that calendar year may irrevocably elect to defer not less than
1% nor more than 50% (in whole 1% increments) of his cash compensation for that
year.   Compensation deferral and  bonus deferral elections  are subject to the
$5,000 minimum set forth in subsection 3.1. A participant's "cash compensation"
means  the participant's  base pay  as paid by an  employer hereunder,  and for
purposes of a deferral election a participant's rate of base pay on January 1 
of any year shall be considered to remain at the same rate during that calendar
year.  A participant must make his compensation deferral election in advance by
signing a compensation deferral  agreement and filing it with the administrator
no later  than the  December 31 which  precedes the calendar year to  which the
election relates. A participant's compensation deferral election filed with the
administrator is irrevocable  on and  after the  December 31  deadline for  the
election.

          3.3.  Period for  Which Deferral Election Effective.  A participant's
deferral election shall remain in effect only for the calendar year specified 
in the deferral agreement.  No deferral election shall be effective for more 
than one calendar year.  A participant must file a separate deferral election 
in advance of each calendar year in order to make deferrals for that year.
<PAGE>
          3.4.   Distribution  Elections.   Each  deferral  election made by a
participant under subsections 3.1 and 3.2 may, but need not, include an 
election of the date on which the amount of such deferral (together with any  
investment gains or losses thereon) will be distributed.  Such date shall be 
referred to as the "distribution date" and shall occur no later than March 15
(based on the December 31 valuation) following one of the following dates:  
the second, third, fourth, fifth, sixth, seventh, eighth, ninth or tenth 
calendar year after the calendar year to which the deferral election relates.
The distribution date, once elected by the participant, shall be irrevocable,
subject only to subsection 4.2.

          3.5.  Deferral Account. The administrator shall maintain in  the name
of each participant a bookkeeping account known as the  participant's "deferral
account."  A participant's deferral account shall include a subaccount for each
calendar year that a participant's deferral  election is in effect.   Each such
subaccount  shall  reflect  (i)  the  amount  deferred  during  that  year  and
(ii) investment gains or losses on the investment funds and  investment options
described in  subsection 3.7 and 3.8.   Deferred amounts shall  be credited  to
subaccounts  as of the date bonuses  or cash compensation  would otherwise have
been paid to the participant but for his deferral election. Subaccounts will be
adjusted from time to time  to reflect investment gains and losses, as provided
in subsection 3.6.

          3.6.  Adjustment of Participants' Accounts. As of each March 31, June
30,  September  30 and  December  31  (each date  is referred  to  below as  an
"accounting date"), the administrator shall:

          (a)  First,  charge to  the   proper  accounts  all  payments  or
               distributions made since the last preceding  accounting date
               that have not been charged previously;

          (b)  Next,  credit participants' accounts  with  amounts deferred
               which were applied to company stock as provided in subsection
               3.7;

          (c)  Next, as to deferrals  other than those in (b)  above, credit
               participants' accounts with a portion of the amounts deferred
               on  behalf  of  the  participant  since  the  last  preceding
               accounting date,  to equitably  reflect  that deferrals  were
               made from time to time during the accounting period;

          (d)  Next, credit participants' accounts with their pro rata share
               of any increase or  charge such accounts with their  pro rata
               share of any decrease  in the adjusted net worth  (as defined
               below) of each investment fund in which such accounts have an
               interest of that date;

          (e)  Next,  allocate and  credit  deferred  amounts,  not  already
               credited  under  subparagraph  (b)  above,  that  are  to  be
               credited as of that date.

The "adjusted net worth" of an investment fund as at any date means the then 
net worth of such investment fund as determined by the administrator, less 
an amount equal to the deferred amounts deposited in such fund but not yet 
allocated  to the accounts of the participants.

          3.7.  Company Stock and Investment Funds. Until a participant attains
his target for stock ownership, all deferred amounts under the program  will be
credited as a deemed investment consisting of shares of common stock of Pioneer
Financial Services, Inc. (the "company stock").  Company stock will be credited
to a participant's  account taking into  account a deemed purchase discount  of
15%.  In addition, the administrator may designate one or more investment funds
to form a part  of this program, and the administrator may make investment fund
elections available to participants  who have satisfied their targets for stock
ownership. The administrator may allow participants to elect one or more of the
investment funds for the investment of all or a portion of the amounts deferred
by the participant under the program.  Each such election shall be made at such
time,  in  such  manner  and  with  respect  to  such  investment funds as  the
administrator  shall determine, and shall  be effective only in accordance with
such rules as the administrator shall establish. If a participant fails to make
an  election under this subsection, his deferrals will be invested in a default
investment fund designated by the administrator. Prior to an accounting date, a
participant may  elect  in writing  that  all or part  of his  interest  in  an
investment  fund be liquidated  and the proceeds thereof transferred to  one or
more of  the other investment funds, in accordance with  rules established from
time  to time  by the  administrator.  The investment  funds described  in this
subsection  and the  individual investment option  in  subsection 3.8  are  for
recordkeeping purposes only and do not allow participants to direct any company
or trust  assets, and this  subsection does  not create in any participant  any
rights greater than  those described in  subsection 6.1.  If there is a  deemed
purchase or sale of the common stock of the company, then it shall be subject 
to the company's policies which restrict trading in company securities, and 
(ii) the  election shall  not be  given effect  until such  policies would  
allow the individual to purchase and sell company securities.  Amounts  deemed 
invested in the  common stock of the company  shall be credited with an  
amount equal to the dividends earned on such deemed investment.  

          3.8.  Individual  Investment Option.  In addition  to the  investment
funds described in subsection 3.7, amounts credited to a participant's deferral
account  may  be  deemed  credited  to  an  individual  investment  option  (as
hereinafter defined) chosen by such participant.  The investment  experience of
each individual investment option will be calculated by reference to the 
closing price (as hereinafter defined) or net  asset value of amounts deemed 
credited to such individual investment option, as applicable, as reported in 
The Wall Street Journal  on the last business day of  applicable calendar 
quarter.  In addition, the amount credited  to each individual investment 
option will  be reduced by an amount equal  to the brokerage or  other 
transaction costs that  would have been incurred in connection with  
the deemed purchase or sale of  an investment.  The individual investment 
option  will consist of a deemed investment  in any mutual fund, money 
market fund, common stock, preferred stock or other security so long as 
such security is listed for trading on a national  securities exchange or the
National Association  of Securities  Dealers Automated  Quotation  System.   
All money market  funds which are elected as investment options must be money 
market funds which  invest solely in tax-exempt  securities.  A participant  
may change his investment option  by election made in accordance with  
subsection 3.7.  The term "closing price" with respect to a security  
shall mean (i) the closing sale price  of such  security if  such security
is traded  on a  national securities exchange,  or (ii)  if such  security  
is not  traded on  a national  securities exchange,  the average of the 
highest  bid and the lowest  asked prices for such security.

          3.9.   No Responsibility  for Company  Stock or Investment Decisions.
The investment funds, the company stock investment and other investment options
described in the  plan are  for recordkeeping  purposes only  and do  not allow
participants to direct the manner of investment of any company or trust assets,
and no investment election creates in any participant rights greater than those
specified in subsection 6.1. Responsibility for the consequences of the company
stock investment, as well as for all decisions on investment funds and options,
belongs solely to  the participant, and the company  (including its  employees,
officers and  agents)  provides  no advice  with respect  to,  and  assumes  no
responsibility for,  any consequences of the company  stock investment or  of a
participant's investment elections.

          3.10.  Statement of Account.  As soon as practicable after the end of
each  calendar quarter the administrator shall furnish each  participant with a
statement of the balance credited to the participant's deferral account and the
balance credited to each subaccount as at the end of that period.

                                    SECTION 4

                        Distribution of Deferral Accounts

          4.1.   Distributions.    Subject to subsection 4.2, amounts  deferred
under this  program for  each calendar  year (and investment  gains and  losses
thereon)  shall be distributed in a lump sum in cash to  the participant on the
applicable  distribution date elected by the participant pursuant to subsection
3.4; provided, however, that  if on any distribution date, any investment gains
or losses under subsection 3.6 cannot then be determined, such distribution 
will be delayed  until the  accounting steps described  in subsection  
3.6 have  been completed.

          4.2.  Early  and Normal Retirement Distributions.   If a  participant
separates from  service with the employers prior to  attainment of age  65, the
entire balance in the participant's deferral account shall be distributed to 
him in a lump sum in cash on or about March 15 (the "early distribution date")
following the calendar year in  which the participant  separates from  service,
unless  the administrator in its sole discretion  determines that distributions
shall  occur  on  the distribution dates  elected  by  the  participant.   If a
participant separates from service with the employers on or after attainment of
age 65, the balances in the participant's deferral account shall be distributed
to  the  participant  on  the  applicable  distribution  dates elected  by  the
participant pursuant  to subsection 3.3, unless  the administrator in its  sole
discretion determines that distribution shall   be made in a single sum payment
or in installations over  a period not to exceed ten years.  Distribution shall
be made to the participant or, in the event of his death, to his beneficiary.  

          4.3.   Designation of  Beneficiary.   A  participant may  designate a
beneficiary under this program by filing a written notice with the 
administrator in such  form as it requires.   A participant may  from time to  
time change his designated  beneficiary  without the  consent of  such  
beneficiary by  filing a new designation in writing with the administrator.  
If no designation under this program is in effect at  the death of the 
participant, the beneficiary  shall be the spouse of  the participant  
at the time  of his  death or, if  no spouse  is living  at the death of 
the participant, the representative of the participant's estate.    A  
participant's  beneficiary designation  form  may  specify whether payment 
is  to  be made  to  the  beneficiary in  a  single sum  payment  or  in
installments over a period not to exceed ten years.

          4.4.  Withholding; Employment Taxes. To the extent required by law in
effect at  the time distribution is made from the program,  the employers shall
withhold  any  taxes  required  to be  withheld  by  federal,  state  or  local
governments.

                                    SECTION 5
                        Administration and Interpretation

          The administrator shall administer and interpret the program, and any
interpretation by the administrator shall be final and binding upon 
participants and beneficiaries.   The  administrator may  adopt  such rules  
and regulations relating to the  program as it deems necessary or advisable.   
The administrator may delegate administrative  responsibilities to advisors  
or other persons who may or may not be employees of the company and may rely  
upon information or opinions of legal counsel or  experts selected to render 
advice with  respect to the program.  If a member  of the administrator  
is a participant, he may not decide or determine any matter  or question 
concerning  his benefits under the program that he would not have the right 
to decide or determine if he were not a member. 

                                    SECTION 6
                                  Miscellaneous

          6.1.    No Right  to Company Assets;  Limitations Related  to Company
Stock.   No participant or other person shall acquire by  reason of the program
any  right in  or  title to any  assets,  funds or  property  of the  employers
whatsoever  including, without limiting the  generality of  the foregoing,  any
specific funds, assets,  or other property which the  employers, in their  sole
discretion,  may set  aside  in anticipation of  a  liability  hereunder.   Any
benefits  which become payable hereunder shall be paid  from the general assets
of the  employers.   A participant shall have only  a contractual  right to the
amounts,  if any,  payable  hereunder  to that  participant.    The  employers'
obligations  under this program are not secured or funded in  any manner.  Even
though benefits provided under the plan are  not funded, the company intends to
establish a trust to assist in the payment of  benefits.  Company stock held by
such a trust may be subject to restrictions that limit the sale of such stock 
in the public markets.  Accordingly, to the extent a participant's  account is
deemed  invested in  company  stock,  there may  be  significant delays in the
distribution of  plan benefits and in any transfer from company  stock to other
deemed investments, pending liquidation of shares of company stock.

          6.2.    No  Employment Rights.    Nothing  herein shall constitute  a
contract of continuing service or in any manner obligate the company  or any of
its subsidiaries to continue the employment of any participant, or obligate any
participant  to continue  in  the  employment of  the  company  or  any  of its
subsidiaries, and nothing herein shall be construed as fixing or regulating the
compensation payable to a participant.

          6.3.   Facility of Payment.  When a person entitled to benefits under
the program is under legal disability, or, in administrator's opinion, is in 
any way incapacitated so as to be unable to manage his financial  affairs, the
administrator  may  direct  payment of  benefits   to  such  person's   legal
representative, or  to a  relative or friend of such  person for  such person's
benefit,  or the administrator may direct the application  of such benefits for
the benefit of such person.   Any payment made in accordance with the preceding
sentence  shall be  a full  and  complete discharge  of any  liability for such
payment under the plan.

          6.4.  Nonassignability. No participant or other person shall have any
right  to  commute, sell,  assign, pledge,  anticipate,  mortgage or  otherwise
encumber,  transfer or convey in advance of actual receipt the amounts, if any,
payable hereunder. No amounts payable hereunder shall, prior to actual payment,
be subject to claims of creditors, seizure or sequestration for the payment of
any debts, judgments, alimony, domestic relations order or separate maintenance
owed by the participant or any other person, or be transferable by operation of
law in the event  of the  participant's or  any  other person's  bankruptcy or
insolvency.  Notwithstanding  the  foregoing,  if an  estate  or  trust  is  a
beneficiary entitled to distributions from the  program upon the death of the
participant, the representatives of the estate or the trustees of the trust 
may assign the right  to receive such  payments to  the persons,  estates or 
trusts beneficially entitled thereto,  and the administrator may  rely
conclusively and without any liability on the certification.

          6.5.   Effect on  Other Benefits.   Except as provided below  in this
subsection,  the  participant's compensation  for purposes  of calculating  his
awards and benefits under any employee benefit plan or program maintained by 
the company shall not be reduced  on  account of deferrals under this  program.
However,  amounts deferred under  this  program  shall  not  be  included  when
calculating a participant's benefits or contributions under any 401(k)  plan or
other plan  sponsored by the  company which is qualified  under Section  401(a)
of the Internal Revenue Code. Any distributions made from this program shall be
excluded from a participant's compensation in years distributed for purposes of
calculating the participant's  awards and  benefits under any  employee benefit
plan or program (other than this program) maintained by the company.

          6.6.  Independence of Program. Except as otherwise expressly provided
herein, the program shall be independent of, and in addition to, any employment
agreement or other plan or rights that  may exist from time to  time between an
employer and a participant in the program.

          6.7.   Responsibility  For  Legal  Effect.    No  representations  or
warranties, express or implied, are made by the  employers or the administrator
and  neither the employers  nor the  administrator  assumes any  responsibility
concerning the legal, tax, or other implications or effects of the program.

          6.8.  Action  by the Company.  Any action required or permitted to be
taken  under the  program  by the  company shall be  by  one or more  officers
designated by the Board of Directors of the company.

          6.9.   Successors, Acquisitions, Mergers, Consolidations.   The terms
and  conditions of  the program  shall inure to  the  benefit of  and bind  the
employers,  the   participants,   their successors,   assigns,   and   personal
representatives. 

          6.10.   Gender and Number. Wherever appropriate herein, the masculine
may mean the feminine and the singular may mean the plural or vice versa.

          6.11.     Governing  Laws.  This  program  shall  be  construed  and
administered according to the laws of the State of Illinois.

          6.12  Claims Procedure. The company will provide notice in writing to
any  participant  or beneficiary whose  claim for  benefits under  the  plan is
denied, and the company shall afford such participant or beneficiary a full and
fair review  of its decision  if so requested.  The  company has  discretionary
authority and responsibility  to construe and interpret the  provisions of  the
plan  and  make  factual  determinations thereunder,  including  the  power  to
determine the rights  or eligibility of employees or participants and any other
persons,  and  the amounts  of  their benefits  under  the plan, and  to remedy
ambiguities, inconsistencies  or omissions, and  each such determination by the
company shall be binding on  all parties.  Any interpretation of the provisions
of the plan and any decisions on any matter within the discretion of the company
made  by  the company  in  good faith  shall be  binding  on all persons.   Any
misstatement or other mistake of  fact shall be corrected when it becomes known
and the  company shall make such  adjustment on account thereof as it considers
equitable and practicable.

                                    SECTION 7
                            Amendment and Termination

         The company reserves the right, in its sole discretion, to discontinue
or completely terminate the program at any time. If the program is discontinued
with respect to future deferrals, participants' deferral account balances shall
be distributed on the distribution dates elected in accordance  with subsection
3.1, unless the administrator designates an earlier  distribution date.  As  of
the  date designated by  the  administrator  following  the  date  of  complete
termination,  each  participant  shall  receive  distribution   of  his  entire
deferral account balance as if his elected distribution dates had occurred. The
program may be amended by a written instrument executed by the company, 
provided that an amendment of the program may not reduce the balance in  a 
participant's deferral account as of the date the amendment is adopted.