HORRIGAN AMERICAN INC
424B3, 1994-08-01
PERSONAL CREDIT INSTITUTIONS
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                         HORRIGAN AMERICAN, INC.

                    Supplement dated August 1, 1994
                                     --------------
                  to Prospectus dated April 29, 1994.

     The rates of interest on 1994 Series 8, A, B and C Certificates issued
from August 1, 1994 through August 31, 1994 will be as follows:
     --------------         ---------------
     
     Series 8              8 years                7.40%
                                                  -----
                                                  
     Series A              6 years                6.40%
                                                  -----

     Series B              30 months              6.00%
                                                  -----

     Series C              1 year                 5.35%
                                                  -----

     The rate of interest payable from August 1, 1994 through August 31, 1994
                                       --------------         ---------------
on the Passbook Series Certificates is 4.00%.
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