It is true that you cannot take out a policy loan immediately after your policy purchase. Again, requesting a policy loan means that you are using your cash value as the collateral. Therefore, by the time you make the transaction, the cash value should have grown enough in value to be qualified. Usually, you will need to wait for 5-15 years to apply for a policy loan. Your waiting time depends on the face value of your policy. This is because the cash value accumulates faster in policies with a high face value.