Sometimes the cash value is called the "Surrender Value", and is the amount you may be able to access as a loan. However, life insurance carriers may limit your maximum loan amount to 80% of the total cash value in your whole life insurance.
If you have taken previous loans from your whole life insurance policy, you might need to contact the insurance company or your insurance agent to determine the amount available for you to borrow.
There is no waiting period or any other requirement except your desire to borrow the funds from your life insurance policy. You can contact your life insurance company for specific instructions on how to get your loan.