U.S. SECURITIES AND EXCHANGE
                                 COMMISSION 
                           Washington, D.C., 20549  
                                 FORM 10-K

ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the fiscal year ended June 30, 1997

                       Commission file number 0-25714


                     THE AEGIS CONSUMER FUNDING GROUP, INC.

     Delaware                                  22-3008867
    (State of Incorporation)           (I.R.S. Employer Identification No.)

                           525 Washington Blvd.
                          Jersey City, NJ 07310
                 (Address of principal executive offices)

Telephone number:    (201)418-7300
Securities registered under Section 12(b) of the Exchange Act: None Securities
registered under Section 12(g) of the Exchange Act:

   Title of class                  Name of exchange  on which registered
   Common Stock,                        The Nasdaq National Market
   $.01 par value                  


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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___ No_X_.

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of Registrant's knowledge, in definitive proxy or information 
statements incorporated by reference in Part III of this Form 10-K or 
any amendment to this Form 10-K.  [X]

The aggregate market value of the Registrant's Common Stock held by
non-affiliates on November 14, 1997 (based upon the average of the high and low
sales prices of such stock as of such date) was approximately $2,616,000.

As of November 14, 1997, 17,677,217 shares of the Registrant's Common Stock were
outstanding.


                  DOCUMENTS INCORPORATED BY REFERENCE
                                 NONE 



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                                 SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                 THE AEGIS CONSUMER FUNDING GROUP, INC.


                                 By:  s/Matthew B. Burns
                                    ----------------------------
                                    Matthew B. Burns


Date: November 18, 1997

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

Signature                         Title                    Date

s/Matthew B. Burns
- ----------------------  Chief Executive Officer         November 19, 1997
Matthew B. Burns 


s/Dina L. Penepent
- ---------------------   Chief Financial Officer,        November 19, 1997
Dina L. Penepent          Executive Vice President,
                          Secretary, Principal
                          Financial and
                          Accounting Officer

s/Felice Cutler
- ---------------------   Director                        November 19,  1997
Felice Cutler


s/Carl Frischling
- ---------------------   Director                        November 19, 1997
Carl Frischling


s/Paul Fitzpatrick
- ---------------------   Director                        November 19, 1997
Paul Fitzpatrick

s/Angelo R. Appierto    
-----------------------   Director                        November 19, 1997
Angelo R. Appierto