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                                                                  Exhibit 10.2

                              WARRANT CERTIFICATE

THE SECURITIES EVIDENCED OR CONSTITUTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH
SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE
REGISTRATION PROVISIONS OF SAID ACT HAVE BEEN COMPLIED WITH OR UNLESS THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

EXERCISABLE ON OR BEFORE AUGUST 2, 2004

No. _____                                    Warrants to purchase _____ shares


                              Warrant Certificate

                            CREDITRUST CORPORATION

          This Warrant Certificate certifies or _____________________ registered
assigns, is the registered holder of Warrants expiring August 2, 2004 (the
"Warrants") to purchase Common Stock, par value $.01 per share (the "Common
 --------                                                            ------
Stock"), of Creditrust Corporation, a Maryland corporation (the "Company"). Each
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Warrant entitles the holder upon exercise to receive from the Company on or
before 5:00 p.m. New York City Time on August 2, 2004, an amount of fully paid
and nonassessable shares of Common Stock as set forth above ("Warrant Shares")
                                                              --------------
at the initial exercise price per share (the "Exercise Price"), equal to the
                                              --------------
lower of (x) $4.875 and (y) the average closing price of the Common Stock on the
Nasdaq National Securities Market for the ten days preceding May 2, 2000,
payable in lawful money of the United States of America upon surrender of this
Warrant Certificate and payment of the Exercise Price at the office of the
Company designated for such purpose, but only subject to the conditions set
forth herein and in the Warrant Agreement referred to on the reverse hereof. The
Exercise Price and number of Warrant Shares issuable upon exercise of the
Warrants are subject to adjustment upon the occurrence of certain events set
forth in the Warrant Agreement, as amended.

          Warrants must be exercised before 5:00 p.m., New York City Time on
August 2, 2004, and to the extent not exercised by such time such Warrants shall
become void.

          Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

          This Warrant Certificate shall not be valid unless executed by the
Company.

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          IN WITNESS WHEREOF, Creditrust Corporation has caused this Warrant
Certificate to be signed by its President and by its Secretary, each by a
facsimile of his signature, and has caused a facsimile of its corporate seal to
be affixed hereunto or imprinted hereon.

          Dated:  As of April 12, 2000.

                                      CREDITRUST CORPORATION


                                      By:_______________________________________
                                            President


                                      By:_______________________________________
                                            Secretary

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                         [Form of Warrant Certificate]

                                   [Reverse]

          The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring August 2, 2004 entitling the holder on
exercise to receive shares of Common Stock, par value $.01 per share, of the
Company (the "Common Stock"), and are issued or to be issued pursuant to a
              ------------
Warrant Agreement, dated as of August 2, 1999 (as amended, modified, or
supplemented, the "Warrant Agreement"), duly executed and delivered by the
                   -----------------
Company, which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the
rights, limitation of rights, obligations, duties and immunities thereunder of
the Company and the holders (the words "holders" or "holder" meaning the
registered holders or registered holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the
Company.

          Warrants may be exercised at any time on or after March 31, 2000. The
holder of Warrants evidenced by this Warrant Certificate may exercise them by
surrendering this Warrant Certificate, with the form of election to purchase set
forth hereon properly completed and executed, together with payment of the
Exercise Price in cash at the office of the Company designated for such purpose.
In the event that upon any exercise of Warrants evidenced hereby the number of
Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his assignee a new Warrant
Certificate evidencing the number of Warrants not exercised. No adjustment shall
be made for any dividends on any Common Stock issuable upon exercise of this
Warrant.

          The Warrant Agreement provides that upon the occurrence of certain
events the Exercise Price set forth on the face hereof may, subject to certain
conditions, be adjusted. If the Exercise Price is adjusted, the Warrant
Agreement provides that the number of shares of Common Stock issuable upon the
exercise of each Warrant shall be adjusted. No fractions of a share of Common
Stock will be issued upon the exercise of any Warrant, but the Company will pay
the cash value thereof determined as provided in the Warrant Agreement.

          The holders of the Warrants are entitled to certain registration
rights with respect to the Warrants. Said registration rights are set forth in
full in an Equity Registration Rights Agreement, dated as of August 2, 1999,
among the Company and certain investors named therein (as amended, modified, or
supplemented, the "Equity Registration Rights Agreement"). A copy of the Equity
Registration Rights Agreement may be obtained by the holder hereof upon written
request to the Company.

          Warrant Certificates, when surrendered at the office of the Company by
the registered holder thereof in person or by legal representative or attorney
duly authorized in writing, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like
tenor evidencing in the aggregate a like number of Warrants.

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          Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Company a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any tax or other governmental charge imposed in
connection therewith.

          The Company may deem and treat the registered holder(s) thereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the holder(s) hereof, and for all other
purposes, and the Company shall not be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to
any rights of a stockholder of the Company.

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                         [Form of Election to Purchase]

                    (To Be Executed Upon Exercise Of Warrant)

                  The undersigned hereby irrevocably elects to exercise the
right, represented by this Warrant Certificate, to receive _______ shares of
Common Stock and herewith tenders payment for such shares to the order of
CREDITRUST CORPORATION in the amount of $______ in accordance with the terms
hereof. The undersigned requests that a certificate for such shares be
registered in the name of ______________________, whose address is
_______________________________ and that such shares be delivered to
________________ whose address is ___________ ______________________. If said
number of shares is less than all of the shares of Common Stock purchasable
hereunder, the undersigned requests that a new Warrant Certificate representing
the remaining balance of such shares be registered in the name of
______________, whose address is ___________________________________, and that
such Warrant Certificate be delivered to ____________________________, whose
address is ___________________________________________________________.






                                        Signature:  ____________________________


Date:  _______________________

                                        Signature Guaranteed:  _________________

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