<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2020-06-19</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001000209</issuerCik>
        <issuerName>MEDALLION FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>MFIN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001503846</rptOwnerCik>
            <rptOwnerName>Hallenbeck Cynthia A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MEDALLION FINANCIAL CORP.</rptOwnerStreet1>
            <rptOwnerStreet2>437 MADISON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <footnotes></footnotes>

    <remarks>+ Power of attorney filed herewith as Exhibit 24.</remarks>

    <ownerSignature>
        <signatureName>/s/ Marisa T. Silverman as Attorney-in-Fact+</signatureName>
        <signatureDate>2020-06-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
