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Payday Loans in Bedford
The Bedford City Council restricted the payday loan business in 2016.
- Ordinance No. 16-3183
- Approved on September 27, 2016
- Signed by Jim Griffin (Mayor), Michael Wells (City Secretary), Stan Lowry (City Attorney)
The City Ordinance contains the main regulations:
- A payday loan lender can not conduct business in the City without certificate;
- A lender should keep and montain all records about loans;
- Amount loan has limit: 20% of borrower’s income;
- Not more than 4 installments and 3 refinances.
Bedford Residents Debt-to-Income Ratios
Bedford residents have 675 median credit score and the average number of late payments is about 3.25. Below represented DTI (Debt-to-Income) ratios shows how Bedford residents debts stacks up against their income. As of 2020.
Credit Card DTI
Car Loan DTI
Student Loan DTI
Bedford Residents Financial Statistics
Below represented statistics is for Bedford, Lawrence County, Indiana. As of 2019.
Median age of Bedford's residents, years
Labour force participation rate, %
Unemployment rate, %
% of residents with no health insurance
Median individual income, USD
Median household income, USD
% of households with income under $35,000
% of households with income $35,000 - $75,000
% of households with income $75,000 - $100,000
% of households with income over $100,000
% of households that own their residence
Median home value owned by residents, USD
Median rent cost, USD
Rent Burden, %
Some official sources of data we used to build this page:
Payday Loans are legal* in Indiana.