Employment Agreement Dated November 11, 2003 by and

                      between Arthur Stern and the Company



                              EMPLOYMENT AGREEMENT



THIS EMPLOYMENT AGREEMENT ("Agreement"), dated as of the 11th day of November,

2003 by and between ASTA FUNDING, INC., a Delaware corporation, with offices at

210 Sylvan Ave., Englewood Cliffs, NJ 07632 (the "Company") and ARTHUR STERN, an

individual residing at 3333 Henry Hudson Parkway, Riverdale, New York 10463 (the

"Employee")



                               W I T N E S E T H:



WHEREAS, the parties desire to enter this Agreement to set forth the terms of

the Employee's continued employment by the Company.



NOW, THEREFORE, in consideration of the mutual premises and covenants set forth

herein and for other good and value consideration, the receipt, adequacy and

legal sufficiency of which are hereby acknowledged, the Company and the Employee

mutually agree as follows:



         1.       Employment Duties.



                  (a)      Employment. The Company agrees to continue to employ

                           the Employee, and the Employee agrees to accept

                           continued employment with the Company, on the terms

                           and conditions set forth in this Agreement.



                  (b)      Scope of Duties. During the Employment Period (as

                           defined herein), the Employee shall devote his

                           business time, attention and energy to the business,

                           and to seeking improvement in the profitability, of

                           the Company. During the Employment Period, the

                           Employee shall serve as Executive Vice President of

                           the Company and its subsidiaries and shall have the

                           authority to perform and shall perform all of the

                           duties that are customary for the office of Executive

                           Vice President of the Company, subject at all times

                           to the control and direction of the President and the

                           Board of Directors of the Company, and shall perform

                           such services as typically are provided by the

                           Executive Vice President of a corporation and such

                           other services consistent therewith as shall be

                           assigned to him from time to time by the President or

                           the Board of Directors of the Company. Employee shall

                           also continue to serve as Chairman of the Board of

                           Directors of the Company for such period as he

                           continues to be duly elected to such position by the

                           shareholders of the Company.



                  (c)      Service. During the Employment Period, the Employee

                           shall perform his duties in a diligent manner; shall

                           not engage in activities which are or could be

                           detrimental to the existing or future business of the

                           Company and its subsidiaries; and shall observe and

                           conform to all laws, customs, and standards of

                           business ethics and honest business practices. The

                           Employee shall be requested, and does hereby agree,

                           to be a full time employee of the Company during the

                           Employment Period. During the Employment Period, the

                           Employee shall not engage in any other business

                           activity which, in the reasonable judgment of the

                           Company's Board of Directors, conflicts with the

                           duties of the Employee hereunder, whether or not such

                           activity is pursued for gain, profit or other

                           pecuniary advantage; provided, however, that it is

                           understood that this Section 1(c) shall not preclude

                           the Employee from making passive investments in other

                           companies or from serving as Vice President of Asta

                           Group, Inc.



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                  (d)      Professional Standards. Recognizing and acknowledging

                           that it is essential for the protection and

                           enhancement of the name and business of the Company

                           and its subsidiaries and the good will pertaining

                           thereto, the Employee shall perform his duties under

                           this Agreement professionally and in accordance with

                           the standards established by the Company from time to

                           time; and the Employee shall not act, and shall

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