Document:

<PAGE>

                                                                     EXHIBIT 4.4

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                                                                 PREFERRED STOCK
NUMBER                                 [Logo]                             SHARES
AP                           AAMES FINANCIAL CORPORATION                  [    ]
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                                             SEE REVERSE FOR CERTAIN DEFINITIONS
                                                                 CUSIP 00253A408
                            INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                              THIS CERTIFICATE IS TRANSFERRABLE IN THE CITIES OF
                                             RIDGEFIELD PARK, NJ OR NEW YORK, NY
--------------------------------------------------------------------------------
                      ---------------------------------------------------------
                     This Certifies that

                     is the record holder of

                      ---------------------------------------------------------
--------------------------------------------------------------------------------
                     FULLY PAID AND NONASSESSABLE SHARES OF THE SERIES C
                     CONVERTIBLE PREFERRED STOCK, $0.001 PAR VALUE OF
                     AAMES FINANCIAL CORPORATION
                     transferable on the books of the Corporation by the holder
                     hereof in person or by duly authorized attorney upon the
                     surrender of this Certificate properly endorsed. This
                     Certificate is not valid unless countersigned and
                     registered by the Transfer Agent and Registrar.
                     WITNESS the facsimile seal of the Corporation and the
                     facsimile signatures of its
                     duly authorized officers.
                     Dated:

                     COUNTERSIGNED AND REGISTERED:
                                       CHASEMELLON SHAREHOLDER SERVICES, L.L.C.
                                                TRANSFER AGENT AND REGISTRAR

                              BY

                                                       AUTHORIZED SIGNATURE

                     /s/ John F. Madden, Jr.    [SEAL]/s/ Steven M. Gluckstern
                     Secretary                                   Chairman
--------------------------------------------------------------------------------

<PAGE>

         The Corporation shall furnish without charge to each stockholder who so
requests a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock of the
Corporation or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights. Such requests shall be made to
the Corporation's Secretary at the principal office of the Corporation.

         KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR
DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE
ISSUANCE OF A REPLACEMENT CERTIFICATE.

--------------------------------------------------------------------------------
                     NOTICE OF ELECTION TO CONVERT
                    (CONVERTIBLE INTO COMMON STOCK)
               This undersigned hereby elects to convert                 FOR

______________________________________________________shares          CONVERSION
of Series B Convertible Preferred Stock, represented by the
within certificate into shares of Common Stock of Aames Financial        USE
Corporation (as such shares may be constituted on the conversion
date) in accordance with the provisions of the Certificate of            ONLY
Incorporation, as amended, of the Corporation.
Dated:________________________________

         _______________________________________
                                                           Signature

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         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM  - as tenants in common      UNIF GIFT MIN ACT - _______Custodian_______
TEN ENT  - as tenants by the entireties                  (Cust)          (Minor)
JT TEN   - as joint tenants with right of          under Uniform Gifts to Minors
           survivorship and not as tenants              Act_____________________
           in common                                       (State)

                           UNIF TRF MIN ACT -________Custodian (until age______)

                                                 ________under Uniform Transfers
                                                 (Minor)

                                                  to Minors Act_________________
                                                                    (State)

                       Additional abbreviations may also be used though not in
the above list.

FOR VALUE RECEIVED, ______________________________________ hereby sell, assign
and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
       IDENTIFYING NUMBER OF ASSIGNEE

________________________________________
________________________________________

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________
________________________________________________________________________________

________________________________________________________________________________
Shares of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
________________________________________________________________________________
Attorney to transfer the said stock on the books of the within named Corporation
with full power of substitution in the premises.

Dated ________________________________________

                                     X__________________________________________
                                     X__________________________________________

                                    NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT
                                            MUST CORRESPOND WITH THE NAME(S) AS
                                            WRITTEN UPON THE FACE OF THE
                                            CERTIFICATE IN EVERY PARTICULAR,
                                            WITHOUT ALTERATION OR ENLARGEMENT OR
                                            ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By ____________________________________________________

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17AG-15.<PAGE>
<TABLE>
<CAPTION>
                                                                                                        EXHIBIT 4.6

----------------------------- ------------------------------------------------------ ---------------------------------
<S>                           <C>                                                    <C>
NUMBER                                               [Logo]                                              COMMON STOCK
AP                                         AAMES FINANCIAL CORPORATION                                         SHARES
                                                                                                               [    ]
----------------------------- ------------------------------------------------------ ---------------------------------
                                                                                  SEE REVERSE FOR CERTAIN DEFINITIONS
                                                                                                      CUSIP 00253A408
                                                                 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                                                                   THIS CERTIFICATE IS TRANSFERRABLE IN THE CITIES OF
                                                                                  RIDGEFIELD PARK, NJ OR NEW YORK, NY
----------------------------- ----------------------------------------------------------------------------------------
                              - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                              This Certifies that

                              is the record holder of
                              - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
----------------------------- ----------------------------------------------------------------------------------------
                              FULLY PAID AND NONASSESSABLE SHARES OF THE SERIES D CONVERTIBLE PREFERRED STOCK,
                              $0.001 PAR VALUE OF
                              AAMES FINANCIAL CORPORATION
                              transferable on the books of the Corporation by
                              the holder hereof in person or by duly authorized
                              attorney upon the surrender of this Certificate
                              properly endorsed. This Certificate is not valid
                              unless countersigned and registered by the
                              Transfer Agent and Registrar. WITNESS the
                              facsimile seal of the Corporation and the
                              facsimile signatures of its duly authorized
                              officers. Dated:

                              COUNTERSIGNED AND REGISTERED:
                                                CHASEMELLON SHAREHOLDER SERVICES, L.L.C.
                                                         TRANSFER AGENT AND REGISTRAR

                                                         BY
                                                                          AUTHORIZED SIGNATURE

                              /s/ John F. Madden, Jr.    [SEAL] /s/ Steven M. Gluckstern
                              Secretary                         Chairman
----------------------------- ----------------------------------------------------------------------------------------
</TABLE>

<PAGE>

         The Corporation shall furnish without charge to each stockholder who so
requests a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock of the
Corporation or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights. Such requests shall be made to
the Corporation's Secretary at the principal office of the Corporation.

         KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR
DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE
ISSUANCE OF A REPLACEMENT CERTIFICATE.

<TABLE>

-------------------------------------------------------------------------------------- ---------------------------
<S>                                                                                    <C>
                            NOTICE OF ELECTION TO CONVERT
                           (CONVERTIBLE INTO COMMON STOCK)
                                                                                                  FOR
                      This undersigned hereby elects to convert

-------------------------------------------------------------------------  shares              CONVERSION
of Series B Convertible Preferred Stock, represented by the within certificate into
shares of Common Stock of Aames Financial Corporation (as such shares may be
constituted on the conversion date) in accordance with the provisions of the                      USE
Certificate of Incorporation, as amended, of the Corporation.

Dated:                                                                                            ONLY
      ---------------------------------

         ---------------------------------
                                                                       Signature

-------------------------------------------------------------------------------------- ---------------------------
</TABLE>

         The following abbreviations, when used in the inscription on the
face of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations:

<TABLE>

         <S>                                         <C>
         TEN COM  - as tenants in common                       UNIF GIFT MIN ACT -         Custodian
         TEN ENT  - as tenants by the entireties                                   -------           -------
         JT TEN   - as joint tenants with right of                                 (Cust)            (Minor)
                     survivorship and not as tenants                           under Uniform Gifts to Minors
                     in common                                       Act
                                                                          ----------------------------------
                                                                          (State)
                                                     UNIF TRF MIN ACT -          Custodian (until age      )
                                                                         -------                      -----
                                                                                 under Uniform Transfers
                                                                         -------
                                                                         (Minor)

                                                                                to Minors Act
                                                                                              --------------
                                                                                                 (State)

                     Additional abbreviations may also be used though not in the above list.

       FOR VALUE RECEIVED,                                        hereby sell, assign and transfer unto
                           --------------------------------------

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------

--------------------------------------

---------------------------------------------------------------------------------------------
       (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

---------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------
Shares of the common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

---------------------------------------------------------------------------------------------
Attorney to transfer the said stock on the books of the within named Corporation
with full power of substitution in the premises.

Dated
      --------------------------------------
                                                  X
                                                    -----------------------------------------
                                                  X
                                                    -----------------------------------------
</TABLE>

                                    NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT
                                            MUST CORRESPOND WITH THE NAME(S) AS
                                            WRITTEN UPON THE FACE OF THE
                                            CERTIFICATE IN EVERY PARTICULAR,
                                            WITHOUT ALTERATION OR ENLARGEMENT OR
                                            ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By
   --------------------------------------------------

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17AG-15.

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