<PAGE>   1
                                                                    EXHIBIT 10.3
                                PROMISSORY NOTE

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    PRINCIPAL           DATE          MATURITY       LOAN NO       CALL     COLLATERAL     ACCOUNT       OFFICER     INITIALS
  <S>                <C>             <C>              <C>          <C>      <C>             <C>          <C>         <C>
  $25,000,000.00     10-06-1997      09-30-2000
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References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan 
or item.
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<TABLE>
<S>             <C>                                                     <C>
BORROWERS:      SEARCH FUNDING II, INC.                                 SEARCH FINANCIAL SERVICES HOLDING COMPANY
                SEARCH FINANCIAL SERVICES OF FLORIDA, INC.              SEARCH FINANCIAL SERVICES OF GEORGIA, INC.
                SEARCH FINANCIAL SERVICES OF LOUISIANA, INC.            SEARCH FINANCIAL SERVICES OF OKLAHOMA, INC.
                SEARCH FINANCIAL SERVICES OF PUERTO RICO, INC.          SEARCH FINANCIAL SERVICES OF TENNESSEE, INC.
                SEARCH FINANCIAL SERVICES OF TEXAS, INC.
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LENDER:         HIBERNIA NATIONAL BANK
                (TIN: 72-0210640)
                313 CARONDELET STREET
                POST OFFICE BOX 61540
                NEW ORLEANS, LOUISIANA  70161
================================================================================
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<S>                                  <C>                    <C>
PRINCIPAL AMOUNT:  $25,000,000.00   INITIAL RATE:  9.500%  DATE OF NOTE:  OCTOBER 6, 1997
</TABLE>

PROMISE TO PAY.  SEARCH FUNDING II, INC., SEARCH FINANCIAL SERVICES HOLDING
COMPANY, SEARCH FINANCIAL SERVICES OF FLORIDA, INC., SEARCH FINANCIAL SERVICES
OF GEORGIA, INC., SEARCH FINANCIAL SERVICES OF LOUISIANA, INC., SEARCH
FINANCIAL SERVICES OF OKLAHOMA, INC., SEARCH FINANCIAL SERVICES OF PUERTO RICO,
INC., SEARCH FINANCIAL SERVICES OF TENNESSEE, INC., and SEARCH FINANCIAL
SERVICES OF TEXAS, INC. (collectively, "BORROWERS" and individually,
"BORROWER") promise to pay to the order of HIBERNIA NATIONAL BANK ("LENDER"),
in lawful money of the United States of America the sum of TWENTY-FIVE MILLION
AND NO/100 DOLLARS ($25,000,000.00) or such other or lesser amounts as may be
reflected from time to time on the books and records of Lender as evidencing
the aggregate unpaid principal balance of loan advances made to Borrowers on a
revolving line of credit basis as provided below, together with simple interest
assessed on a variable rate basis at the rate per annum equal to 1.000
percentage point over the Index provided below, as the Index under this Note
may be adjusted from time to time, one or more times, with interest being
assessed on the unpaid principal balance of this Note as outstanding from time
to time, commencing on OCTOBER 6, 1997, and continuing until this Note is paid
in full.

LINE OF CREDIT.  This Note evidences a revolving line of credit "master note".
Advances under this Note may be requested orally by Borrowers or by an
authorized person.  Lender may, but need not, require that all oral requests be
confirmed in writing.  All communications, instructions, or directions by
telephone or otherwise to Lender are to be directed to Lender's office shown
above.  The following party or parties are authorized to request advances under
the line of credit until Lender receives from Borrowers at Lender's address
shown above written notice of revocation of their authority: GEORGE C. EVANS,
JAMES F. LEARY, ANTHONY J. DELLAVECHIA, ROBERT D. IDZI, ELLIS A. REGENBOGEN, and
CAROLYN J. MALONE.  REQUESTS FOR ADVANCES WILL BE MADE IN ACCORDANCE WITH THE
PROVISIONS CONTAINED IN THE LOAN AGREEMENT BETWEEN BORROWERS AND LENDER DATED
OCTOBER 6, 1997, AS IT MAY BE AMENDED OR MODIFIED FROM TIME TO TIME ("THE LOAN
AGREEMENT").  Borrowers agree to be liable for all sums either: (a) advanced in
accordance with the instructions of an authorized person or (b) credited to any
deposit account maintained by any Borrower with Lender.  The unpaid principal
balance owing on this Note at any time may be evidenced by endorsements on this
Note or by Lender's internal records, including daily computer print-outs. 
Lender will have no obligation to advance funds under this Note if: (i) any
Borrower or any guarantor is in default under the terms of this Note or any
agreement that any Borrower or any guarantor has with Lender, including any
agreement made in connection with the signing of this Note, (ii) any Borrower or
any guarantor becomes insolvent, files a petition in bankruptcy or similar
proceedings, or is adjudged a bankrupt, (iii) there occurs a material adverse
change in the financial condition of any Borrower or any guarantor, or in the
total value of the collateral securing repayment of this Note, or (iv) any
guarantor seeks, claims or otherwise attempts to limit, modify or revoke such
guarantor's guaranty of this Note or any other loan with Lender.         

PAYMENT.  BORROWERS WILL PAY THIS LOAN IN ONE PAYMENT OF ALL OUTSTANDING
PRINCIPAL PLUS ALL ACCRUED UNPAID INTEREST ON SEPTEMBER 30, 2000.  IN ADDITION,
BORROWERS WILL PAY REGULAR MONTHLY PAYMENTS OF ACCRUED UNPAID INTEREST
BEGINNING NOVEMBER 1, 1997, AND ALL SUBSEQUENT INTEREST PAYMENTS ARE DUE ON THE
FIRST DAY OF EACH MONTH AFTER THAT UNTIL THIS NOTE IS PAID IN FULL.  Interest
on this Note is computed on a 365/360 simple interest basis; that is, by
applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding.  Borrowers will pay Lender
at Lender's address shown above or at such other place as Lender may designate
in writing.  Unless otherwise agreed or required by applicable law, payments
will be applied first to accrued unpaid interest, then to principal, and any
remaining amount to any unpaid collection costs.

VARIABLE INTEREST RATE.  The interest rate on this Note is subject to change
from time to time based on changes in an independent index which is THE CHASE
MANHATTAN BANK PRIME COMMERCIAL LENDING RATE (the "INDEX").  The Index is not
necessarily the lowest rate charged by Lender on its loans.  If the Index
becomes unavailable during the term of this loan, Lender may designate a
substitute index after notice to Borrowers.  Lender will tell Borrowers the
current Index rate upon Borrowers' request.  Borrowers understand that Lender
may make loans based on other rates as well.  The interest rate change will not
occur more often than each day.  THE INDEX CURRENTLY IS 8.500% PER ANNUM.  THE
INTEREST RATE TO BE APPLIED TO THE UNPAID PRINCIPAL BALANCE OF THIS NOTE WILL
BE AT A RATE OF 1.000 PERCENTAGE POINT OVER THE INDEX, RESULTING IN AN INITIAL
RATE OF 9.500% PER ANNUM.

OTHER FEES AND CHARGES.  In addition to the principal, interest and other fees
and charges provided for in this Note, Borrowers agree to also pay all other
amounts, fees and charges provided for in the Loan Agreement, including,
without limitation, all overlines, overadvances, interest on overlines and
overadvances, unused facility fees, facility charges and expenses, and
commitment cancellation charges provided for in the Loan Agreement.

PREPAYMENT.  Borrowers may prepay this Note in full at any time by paying the
then unpaid principal balance of this Note, plus accrued simple interest and
any unpaid late charges through date of prepayment.  Prepayment of the amounts
due under this Note shall not constitute termination of any agreement between
Borrowers and Lender, including, without limitation, the Loan Agreement.
Specifically, Borrowers acknowledge and agree that Lender may be entitled to a
commitment cancellation charge provided for in the Loan Agreement.  If
Borrowers prepay this Note in full, or if Lender accelerates payment, Borrowers
understand that, unless otherwise required by law, any prepaid fees or charges
will not be subject to rebate and will be earned by Lender at the time this
Note is signed.

DEFAULT.  The following actions and/or inactions shall constitute default
events under this Note:

    DEFAULT UNDER THIS NOTE.  Should Borrowers default in the payment of any
    amounts due and payable under this Note.

    DEFAULT UNDER LOAN AGREEMENT.  Should any Event of Default occur under the
    Loan Agreement (as the term "Event of Default" is defined in the Loan
    Agreement).

LENDER'S RIGHTS UPON DEFAULT.  Should any one or more default events occur or
exist under this Note as provided above, Lender shall have the right, at its
sole option, to declare formally this Note to be in default and to accelerate
the maturity and insist upon immediate payment in full of the unpaid principal
balance then outstanding under this Note, plus accrued interest, together with
reasonable attorneys' fees, costs, expenses and other fees and charges as
provided herein.  Lender shall have the further right, again at its sole
option, to declare formal default and to accelerate the maturity and to insist
upon immediate payment in full of each and every other loan, extension of
credit, debt, liability and/or 



<PAGE>   2

10-06-1997                      PROMISSORY NOTE                           PAGE 2
LOAN NO.                          (CONTINUED)
================================================================================

obligation of every nature and kind that any Borrower may then owe to Lender,
whether direct or indirect or by way of assignment, and whether absolute or
contingent, liquidated or unliquidated, voluntary or involuntary, determined or
undetermined, secured or unsecured, whether any Borrower is obligated alone or
with others on a "solidary" or "joint and several" basis, as a principal obligor
or otherwise, all without further notice or demand, unless Lender shall
otherwise elect.

ATTORNEYS' FEES.  If Lender refers this Note to an attorney for collection, or
files suit against Borrowers to collect this Note, or if any Borrower files for
bankruptcy or other relief from creditors, Borrowers agree to pay Lender's
reasonable attorneys' fees.

DEPOSIT ACCOUNTS.  As collateral security for repayment of this Note and all
renewals and extensions, as well as to secure any and all other loans, notes,
indebtedness and obligations that any Borrower may now and in the future owe to
Lender or incur in Lender's favor, whether direct or indirect, absolute or
contingent, due or to become due, of any nature and kind whatsoever, each
Borrower hereby grants Lender a continuing security interest in any and all
funds that each Borrower may now and in the future have on deposit with Lender
or in certificates of deposit or other deposit accounts as to which each
Borrower is an account holder (with the exception of IRA, pension, and other
tax-deferred deposits).  Borrowers further agree that Lender may, at any time
after a default event occurs, apply any funds that any Borrower may have on
deposit with Lender or in certificates of deposit or other deposit accounts as
to which any Borrower is an account holder (with the exception of IRA, pension,
and other tax-deferred deposits) against the unpaid balance of this Note and
any and all other present and future indebtedness and obligations that any
Borrower may then owe to Lender, in principal, interest, fees, costs, expenses,
and attorneys' fees.                                                      

GOVERNING LAW.  Borrowers agree that this Note and the loan evidenced hereby
shall be governed under the laws of the State of Louisiana. Specifically, this
business or commercial Note is subject to La.-R.S. 9:3509, et seq.

INTEREST AFTER DEFAULT.  If Lender declares this Note to be in default,
Lender has the right prospectively to adjust and fix the simple interest rate
under this Note, until this Note is paid in full, to 3.000 percentage points in
excess of the interest rate under this Note at the time of default.

MAXIMUM INTEREST RATE.  Anything to the contrary contained herein
notwithstanding, no provision of this Note shall require the payment or permit
the collection of interest in excess of the maximum permitted by applicable law
("THE MAXIMUM RATE").  If interest in excess of the Maximum Rate is provided
for in this Note or otherwise in connection with the loan transaction
represented by this Note, or is adjudicated to be so provided, the provisions
of this paragraph shall govern and prevail, and no Borrower or any guarantor
shall be obligated to pay the excess amount of such interest or any other
excess sum paid for the use, forbearance, or detention of Advances made under
this Agreement.  In the event Lender ever receives, collects or applies, as
interest due and payable under this Note, any sum in excess of the Maximum
Rate, the amount of the excess shall be applied as a payment and reduction of
the principal of the indebtedness represented by this Note; and if the
principal of the indebtedness represented by this Note has been fully paid, any
remaining excess shall forthwith be paid to Borrowers.  In determining whether
or not interest paid or payable exceeds the Maximum Rate, Borrowers and Lender
shall, to the extent permitted by applicable law, (a) characterize any non-
principal payment as an expense, fee or premium rather than as interest, (b)
exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate and spread, in equal or unequal parts, the total amount of
interest throughout the entire contemplated term of the indebtedness
represented by this Note so that interest for the entire term does not exceed
the Maximum Rate.

WAIVERS.  Each Borrower and each guarantor of this Note hereby waives demand,
presentment for payment, protest, notice of protest, notice of nonpayment,
notice of acceleration and notice of intent to accelerate, and all pleas of
division and discussion, and agrees that its obligations and liabilities to
Lender hereunder shall be on a "solidary" or "joint and several" basis.  Each
Borrower and each guarantor further severally agrees that discharge or release
of any party who is or may be liable to Lender for the indebtedness represented
hereby, or the release of any collateral directly or indirectly securing
repayment hereof, shall not have the effect of releasing any other party or
parties, who shall remain liable to Lender, or of releasing any other
collateral that is not expressly released by Lender.  Each Borrower and each
guarantor additionally agrees that Lender's acceptance of payment other than in
accordance with the terms of this Note, or Lender's subsequent agreement to
extend or modify such repayment terms, or Lender's failure or delay in
exercising any rights or remedies granted to Lender, shall likewise not have
the effect of releasing any Borrower or any other party or parties from their
respective obligations to Lender, or of releasing any collateral that directly
or indirectly secures repayment hereof.  In addition, any failure or delay on
the part of Lender to exercise any of the rights and remedies granted to Lender
shall not have the effect of waiving any of Lender's rights and remedies.  Any
partial exercise of any rights and/or remedies granted to Lender shall
furthermore not be construed as a waiver of any other rights and remedies; it
being each Borrower's intent and agreement that Lender's rights and remedies
shall be cumulative in nature.  Each Borrower and each guarantor further agrees
that, should any default event occur or exist under this Note, any waiver or
forbearance on the part of Lender to pursue the rights and remedies available
to Lender, shall be binding upon Lender only to the extent that Lender
specifically agrees to any such waiver or forbearance in writing.  A waiver or
forbearance on the part of Lender as to one default event shall not be
construed as a waiver or forbearance as to any other default.

SUCCESSORS AND ASSIGNS LIABLE.  Each Borrower's and each guarantor's
obligations and agreements under this Note shall be binding upon each
Borrower's and each guarantor's respective successors, heirs, legatees,
devisees, administrators, executors and assigns.  The rights and remedies
granted to Lender under this Note shall inure to the benefit of Lender's
successors and assigns, as well as to any subsequent holder or holders of this
Note.

CAPTION HEADINGS.  Caption headings of the sections of this Note are for
convenience purposes only and are not to be used to interpret or to define
their provisions.  In this Note, whenever the context so requires, the singular
includes the plural and the plural also includes the singular.

SEVERABILITY.  If any provision of this Note is held to be invalid, illegal or
unenforceable by any court, that provision shall be deleted from this Note and
the balance of this Note shall be interpreted as if the deleted provision never
existed.

PRIOR TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.
LENDER AND BORROWERS HEREBY WAIVE THE RIGHT TO ANY JURY TRIAL IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM BROUGHT BY EITHER LENDER OR ANY BORROWER AGAINST
THE OTHER.  BORROWERS:


<TABLE>
<S>                                                            <C>
SEARCH FUNDING II, INC.                                        SEARCH FINANCIAL SERVICES HOLDING COMPANY
                                                               SEARCH FINANCIAL SERVICES OF FLORIDA, INC.
                                                               SEARCH FINANCIAL SERVICES OF GEORGIA, INC.
                                                               SEARCH FINANCIAL SERVICES OF LOUISIANA, INC.
                                                               SEARCH FINANCIAL SERVICES OF OKLAHOMA, INC.
By:/s/ROBERT D. IDZI                                           SEARCH FINANCIAL SERVICES OF PUERTO RICO, INC.
   ---------------------------------------------------         SEARCH FINANCIAL SERVICES OF TENNESSEE, INC.
   Robert D. Idzi, Senior Executive Vice President             SEARCH FINANCIAL SERVICES OF TEXAS, INC.



                                                               By: /s/ROBERT D. IDZI
                                                                  -------------------------------------------------
                                                                  Robert D. Idzi,
                                                                  Senior Executive Vice President of each entity
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