Ala. Code § 45-37A-51.261

Any loan made to a participant from the fund pursuant to Section 45-37A-51.260 shall be repayable in either monthly or quarterly installments over a period not to exceed 36 months from the date of issuance of such loan as the board in its discretion may require and at an interest rate of six to seven percent per annum as determined by the board, annually.