Amazon Might Be CUs Newest Competitor

From CU Times, Amazon.com has announced it has already began lending money to small business through Amazon Capital Services, Inc. The loans are expected to range from $1,000 to $38,000 with tiered interest rates starting at 1% APR. While this is nothing new in the financial industry, it is a new move for the online retail giant.

I may be a simple kangaroo, but I can certainly tell this is a big deal. Competition is always a good thing, but Amazon.com is one of those that can be a little intimidating. What will your credit union do to counter this move? Or is it a welcome addition to the financial landscape? More on the store here.

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About dotheroo

The Claim Your Youth team works with credit union professionals to better market to and reach young people... the future of credit unions.
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