HORRIGAN AMERICAN INC
424B3, 1994-07-01
PERSONAL CREDIT INSTITUTIONS
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                         HORRIGAN AMERICAN, INC.

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

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

     Series B              30 months              6.00%
                                                  -----

     Series C              1 year                 5.35%
                                                  -----

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