HORRIGAN AMERICAN INC
424B3, 1994-09-01
PERSONAL CREDIT INSTITUTIONS
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                         HORRIGAN AMERICAN, INC.

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

     The rates of interest on 1994 Series 8, A, B and C Certificates issued
from September 1, 1994 through September 30, 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              6.20%
                                                  -----

     Series C              1 year                 5.50%
                                                  -----

     The rate of interest payable from September 1, 1994 through 
                                       -----------------
September 30, 1994 on the Passbook Series Certificates is 4.00%.
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