<PAGE> 1
PRICING SUPPLEMENT NO. 5, DATED JANUARY 7, 1994 RULE 424(B)(3)
FILE NO. 33-50547
(TO PROSPECTUS DATED OCTOBER 22, 1993 AND
PROSPECTUS SUPPLEMENT DATED NOVEMBER 12, 1993)
AVCO FINANCIAL SERVICES, INC.
MEDIUM-TERM NOTES, SERIES E
(FLOATING RATE)
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<TABLE>
<S> <C>
Trade Date: January 7, 1994 Maturity Date: January 15, 1999
Principal Amount: $50,000,000 Original Issue Date: January 19, 1994
Issue Price: See below Form: /X/ Book-Entry / / Certificated
Interest Rate: 5.40% Interest Payment Dates: Jan. 15 and July 15 of each
year
</TABLE>
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Redemption:
/X/ The Notes cannot be redeemed prior to maturity
/ / The Notes may be redeemed prior to maturity
<TABLE>
<CAPTION>
REDEMPTION REDEMPTION
DATE(S) PRICE(S)
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<S> <C>
</TABLE>
Repayment:
/X/ The Notes cannot be repaid prior to maturity
/ / The Notes can be repaid prior to maturity at the option of the holder of
the Note
<TABLE>
<CAPTION>
REPAYMENT REPAYMENT
DATE(S) PRICE(S)
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<S> <C>
</TABLE>
Original Issue Discount Note: / / Yes /X/ No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
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Agent: / / Merrill Lynch & Co.
/ / Morgan Stanley & Co. Incorporated
/ / Salomon Brothers Inc
/X/ Other: J.P. Morgan Securities Inc.
Agent acting in the capacity as indicated below:
/ / Agent /X/ Principal
If as principal:
/X/ The Notes are being offered at varying prices related to
prevailing market prices at the time of resale. J.P. Morgan
Securities Inc. purchased the Notes at 99.570% of principal.
/ / The Notes are being offered at a fixed initial public offering
price of % of principal amount.
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