Amyloid formation occurs via numerous complex mechanisms, often involving intermediates. This study examines the mechanism of amyloidogenesis in two N‐terminal fragments of serum amyloid A (SAA), which are known to exhibit dramatically different amyloid structures. Fibrillization kinetics by these peptides are found to exhibit two unusual features: slower rates at higher peptide concentration, and complete insensitivity to addition of pre‐formed seed. Additionally, we find that these peptides form micelle‐like oligomers in solution. Our results imply an unusual dual role of micellar oligomers in amyloidogenesis, in which these particles act both as an off‐pathway reservoir of peptide, and an inhibitory aggregate that slows amyloid growth. We anticipate that this mechanism of fibril formation may exist in other hydrophobic amyloid‐forming peptides and proteins.