With term life you get "Pure Protection", which means the policy provides life insurance only, not any form of investment.
There is no cash value inside a term life policy, it pays out a death benefit if you die during the term of your life insurance coverage.
However, permanent life insurance builds some cash value inside the policy over time from which you may take a loan.
One of the main reasons term life costs so much less than permanent life insurance is because it is temporary, and does not have any cash value.
Learn more about how a term life insurance plan works.