Intervals are better than LSD for fat loss
Long slow distance rides burn fat but are not as efficient in fat loss as interval training. Here is how it works:
Say you ride one hour at an LSD pace and you burn 300 calories. Most of it will come from fat. When you stop, the fat burning stops.
OK, now you ride 30 minutes but you ride intervals (going really fast for 30 - 60 seconds, slowing for a couple of minutes to catch your breath then doing it again). You've burned 300 calories and not all of it is from fat. HOWEVER, because you had maximum effort, you will continue to burn calories after the exercise is over. You should try for one or two interval sessions/week.
Also, (here I am preaching again) you need to be lifting weights - even if it is girlie push ups in your living room, bicep curls and overhead presses with soup cans, etc. Muscle is metabolically more active than fat - meaning it takes more calories to exist.
Cardio is great to start fat loss, but a cup of ice cream and WHAM - there goes your one hour bike ride! You need to be increasing your metabolism. Eventually, your body will get used to riding the same pace day in & day out. It will not require as many calories and if you don't adjust your eating, you'll gain weight.
Last, track your meals on an on-line counter like fitday.com. You might be surprised at how many calories or how much fat you are eating.