HORRIGAN AMERICAN INC
424B3, 1995-02-01
PERSONAL CREDIT INSTITUTIONS
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                           HORRIGAN AMERICAN, INC.


                      Supplement dated February 1, 1995
                                       ----------------
                     to Prospectus dated April 29, 1994.


         The rates of interest on 1994 Series 8, A, B and C Certificates
    issued from February 1, 1995 through February 28, 1995 will be as follows:
                ----------------         -----------------
       

               Series 8               8 years               7.70%
                                                            -----

               Series A               6 years               7.00%
                                                            -----

               Series B              30 months              7.40%
                                                            -----

               Series C               1 year                6.70%
                                                            -----

         The rate of interest payable from February 1, 1995 through
                                           ----------------
    February 28, 1995 on the Passbook Series Certificates is 4.25%.
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