Bedford at a glance
- Population: about 6,777 residents, ranking 52nd of 227 Census places in Virginia (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 6,649 residents here (US Census Bureau).
- 2020 to 2023 change: population rose about 1.9% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Virginia places: 52nd of the state's 227 Census places (US Census Bureau).
- Size percentile: larger than about 77% of the Census places in Virginia (US Census Bureau).
- Coordinates: 37.3400, -79.5141 (US Census Bureau Gazetteer).
- Nearest larger cities: Lynchburg, VA (18 mi); Vinton, VA (21 mi); Roanoke, VA (25 mi); Salem, VA (30 mi); Lexington, VA (31 mi) — straight-line distances, US Census Bureau populations.
- Smaller places nearby: Buchanan, VA (16 mi); Altavista, VA (20 mi); Glasgow, VA (20 mi), per US Census Bureau estimates.
What a personal loan costs in Bedford
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Virginia lending rules that apply in Bedford
Read the table as the compliance picture for a lender serving Bedford: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Virginia State Corporation Commission, Bureau of Financial Institutions (BFI) Source says: The Bureau of Financial Institutions (BFI) is a regulatory division of the Virginia State Corporation Commission (SCC.) | Virginia State Corporation Commission (SCC) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 12% per year maximum contract rate, except as otherwise permitted by law (Va. Code § 6.2-303) Source says: no contract shall be made for the payment of interest on a loan at a rate that exceeds 12 percent per year | Virginia General Assembly (Code of Virginia) as of 2026-09-16 |
| Payday lending status | Legal via licensed short-term lenders; interest capped at a 36% simple annual rate plus limited fees (Va. Code § 6.2-1817) Source says: Interest at a simple annual rate not to exceed 36 percent | Virginia General Assembly (Code of Virginia) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer finance license required from the State Corporation Commission (Va. Code § 6.2-1501) Source says: No person shall engage in the business of making loans to individuals for personal, family, household, or other nonbusiness purposes | Virginia General Assembly (Code of Virginia) as of 2026-09-16 |
How to compare offers in Bedford
Here is a short checklist for comparing personal loans in Bedford:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Virginia using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.