HORRIGAN AMERICAN INC
424B3, 1995-01-03
PERSONAL CREDIT INSTITUTIONS
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                           HORRIGAN AMERICAN, INC.


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


         The rates of interest on 1994 Series 8, A, B and C Certificates
    issued from January 1, 1995 through January 31, 1995 will be as follows:
                ---------------         ----------------
       

               Series 8               8 years               7.70%
                                                            -----

               Series A               6 years               7.00%
                                                            -----

               Series B              30 months              7.25%
                                                            -----

               Series C               1 year                6.60%
                                                            -----

         The rate of interest payable from January 1, 1995 through
                                           ---------------
    January 31, 1995 on the Passbook Series Certificates is 4.20%.
    ----------------                                        -----



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