<PAGE>
[GRAPHIC OMITTED]
At Your Request,
Approved Financial Corp. is pleased to provide you
with the enclosed information for your review.
What's Inside:
investor order form
reply envelope
prospectus
rate supplement
POSTMASTER DELIVER TO THE FOLLOWING ADDRESSEE
APPROVED FINANCIAL CORP.
1716 Corporate Landing Parkway
Virginia Beach, Virginia 23454
[insert new toll free number]
<PAGE>
Investor Order Form
(place in the prepaid envelope)
INVESTOR: Please fill in ALL terms and amounts on the order form below.
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CERTIFICATES OF INVESTMENT
Enclosed is my check for the purchase of an Approved Financial Corp.
Certificate(s) of Investment.($5,000 minimum per certificate $2,000 minimum if
custodial self-directed IRA)
Please check one of the following interest payment options:
[ ] Compound interest daily and pay at maturity. (NOTE: If no interest option
is checked, interest will be compounded daily and paid at maturity.)
[ ] Compound interest daily and pay interest by check. (available only on
maturities of 12 months or longer)
[ ] Monthly [ ] Quarterly [ ] Semi-Annually [ ] Annually
I have indicated below the amount I wish to invest for each term selected:
Term __________________________ Amount $ ____________________
Term __________________________ Amount $ ____________________
Term __________________________ Amount $ ____________________
Term __________________________ Amount $ ____________________
The TOTAL Amount of my Certificate of Investment Purchase is $ ________________.
Rates established at the date of purchase as set forth in the current Prospectus
and Rate Supplement and fixed until maturity.
MONEY MARKET ACCOUNT
Enclosed is my check for the purchase of Approved Financial Corp. Money Market
Account(s). Initial Rate is established at the date of purchase and is
calculated as set forth in the current prospectus.
MY TOTAL MONEY MARKET ACCOUNT Purchase is $ _____________ (minimum $5,000,
$2,000 minimum if custodial self-directed IRA)
Approved Financial Corp. Certificate(s) of Investment and Money Market
Account(s) are not bank savings or deposit accounts and are not insured by the
FDIC or any other governmental or private entity.
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INVESTOR: Please print all information below to complete your order.
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Registered Owner ________________________________ SSN/EIN ______________________
Telephone Number (____) _________________________ Date of Birth ________________
Street Address _________________________________________________________________
City ____________________________________________ State _______ Zip ____________
Second Joint Owner (if applicable) ______________ SSN __________________________
Beneficiary Name ________________________________ Beneficiary SSN ______________
Custodian's Name (Only one allowed by Law) _____________________________________
Minors Name _____________________________________ Minor's SSN __________________
Under the Uniform Gifts to Minors Act
Signature Verification
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Under penalties of perjury, I certify that:
1. The social security number shown on this form is correct.
2. I have received the prospectus dated _______, 2001 and understand that
Approved Financial Corp. Certificate(s) of Investment and Money Market
Account(s) are not bank savings or deposit accounts and are not insured by the
FDIC or any other governmental or private entity.
3. I am not subject to backup withholding, either because I have not been
notified by the Internal Revenue Service (IRS) that I am subject to backup
withholding as a result of a failure to report all interest or dividends, or the
IRS has notified me that I am no longer subject to backup withholding. Only
cross out subpart (3) if you are subject to backup withholding.
4. I am a bona fide resident of the state listed as my address above.
<PAGE>
Signature of Registered Owner _____________________________ Date ______________
Joint Signature (if applicable)____________________________ Date ______________
Payment Instructions:
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Make your checks payable to (except for self-directed IRA accounts):
"Approved Financial Corp."
1716 Corporate Landing Parkway, Virginia Beach, Virginia 23454
(For IRA Accounts, make payable to the Custodian of your IRA Account For Benefit
of `investor name')
<PAGE>
RATE SUPPLEMENT FORMAT EXAMPLE:
Approved Financial Corp.
BEGIN EARNING THESE HIGH RATES
prospectus supplement [ date ]
Certificates of Investment
Term Rate Annual Yield*
---- ---- -------------
3-5 mos. % %
6-11 mos. % %
12-17 mos. % %
18-23 mos. % %
24-29 mos. % %
30-35 mos. % %
36-47 mos. % %
48-59 mos. % %
60-119 mos. % %
120 mos. % %
-------- - -
Money Market Account
Rate: %
Annual Yield: %*
Minimum for Certificates of Investment and Money Market Accounts $5,000
For information, call
[INSERT NEW TOLL FREE NUMBER]
[GRAPHIC OMITTED]
1716 Corporate Landing Parkway, Virginia Beach, Virginia 23454
APPROVED FINANCIAL CORP. IS A PUBLIC COMPANY. OUR COMMON STOCK TRADES ON THE OTC
BULLITEN BOARD UNDER THE SYMBOL "APFN".
An offer can only be made by the Prospectus dated _____________, delivered in
conjunction with this Rate Supplement dated _____. See "Risk Factors" for a
discussion of certain factors, which should be considered in connection with an
Investment in the Securities. Approved Financial Corp. Certificate(s) of
Investment and Money Market Account(s) are not bank savings or deposit accounts
and are not insured by the FDIC or any other governmental or private entity. You
may obtain an additional copy of the prospectus, dated _____________ and Rate
Supplement dated _______ free of charge from Approved Financial Corp. by calling
[INSERT NEW TOLL FREE NUMBER].
These securities are available only to residents of the following states: [list
states]
*The Effective Annual Yield assumes all interest reinvested daily at the stated
rate. The rates for the Certificates of Investment are available through
(date) . The interest rate paid on the Money Market Accounts is subject to
-------------
change from time to time at the Company's sole discretion provided that such a
rate for each one-week period commencing on Sunday will be at least equal to the
rate of the Thirteen Week U.S. Treasury Bills auctioned the immediately
preceding Monday less one percent. Written notice of any decrease in rate will
be provided to holders of such notes at least 14 days prior to the effective
date of the change. No notice will be provided in connection with an increase in
the interest rate paid on such notes.
<PAGE>
BONUS RATE SUPPLEMENT FORMAT EXAMPLE:
Approved Financial Corp.
prospectus supplement [insert date]
BEGIN EARNING THESE HIGH RATES
Certificate(s) of Investment
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Term Rate Annual Yield* Bonus Bonus Rate Bonus Yield
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
3-5 mos. % % % % %
6-11 mos. % % % % %
12-17 mos. % % % % %
18-23 mos. % % % % %
24-29 mos. % % % % %
30-35 mos. % % % % %
36-47 mos. % % % % %
48-59 mos. % % % % %
60-119 mos. % % % % %
120 mos. % % % % %
Money Market
Notes % % % % %
--------------------------------------------------------------------------------------------------
</TABLE>
Money Market Account(s)
Rate: %
Annual Yield: %*
Minimum investment for Certificates of Investment and Money Market Accounts
$5,000 ($2,000 for custodial self-directed IRA Accounts)
For information, call
[insert new toll free number]
-----------------------------
[GRAPHIC OMITTED]
1716 Corporate Landing Parkway, Virginia Beach, Virginia 23454
An offer can only be made by the Prospectus dated _____________, delivered in
conjunction with this Bonus Rate Supplement dated _____. See "Risk Factors" for
a discussion of certain factors, which should be considered in connection with
an Investment in the Securities. Approved Financial Corp. Certificate(s) of
Investment and Money Market Account(s) are not bank savings or deposit accounts
and are not insured by the FDIC or any other governmental or private entity. You
may obtain an additional copy of the prospectus, dated _____________ free of
charge from Approved Financial Corp. by calling [INSERT NEW TOLL FREE NUMBER].
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These securities are available only to residents of the following states: [list
-----
blue sky states]
----------------
*The Effective Annual Yield assumes all interest reinvested daily at the stated
rate. The rates for the Certificates of Investment are available
through (date) . The interest rate paid on the Money Market Accounts is
------------
subject to change from time to time at the Company's sole discretion provided
that such a rate for each one-week period commencing on Sunday will be at least
equal to the rate of the Thirteen Week U.S. Treasury Bills auctioned the
immediately preceding Monday less one percent. Written notice of any decrease in
rate will be provided to holders of such notes at least 14 days prior to the
effective date of the change. No notice will be provided in connection with an
increase in the interest rate paid on such notes.
