This is a topic that's been discussed in detail lots of times if you browse on here a bit...
The simple answer to your question is yes and no... i.e. there isn't a simple answer.
Yes you can have a loan from the company without deduction of PAYE/PRSI on the actual loan, but there are other requirements, which may be equally unpalatable.
There are also Company Law requirements to be considered; the general rule is that a company cannot loan a director more than 10% of its net assets, so this will impact on how much you can lawfully be loaned by the company.
As regards the tax implications, where a close company makes a loan to a participator, it is deemed to do so under deduction of income tax at 20% - i.e. the amount loaned is deemed to be 80% of the total. Therefore if the company loans you 100k, when it files its Corporation Tax return for that period it must pay over the tax withheld i.e. 100k x 20/80 = 25k. This 25k isn't lost entirely, as it can be reclaimed by the company when the loan is repaid by the director - if you repay 20k of the loan next year, then the company can reclaim 20/100 of the 25k...
If the loan is interest free, or at any rate below a specified rate (12.5%) then there is a benefit in kind for the director, to be taxed as follows (
http://www.revenue.ie/en/tax/it/leaflets/benefit-in-kind/loans.html#section3): "PAYE and PRSI are to be applied to the difference between the amount of interest paid or payable on the preferential loan in the tax year and the amount of interest which would have been payable in the tax year if the loan had been subject to the specified rate".
So again in the example where the company loans you 100k, if you aren't paying interest to the company then it will be obliged to operate PAYE/PRSI on an additional 12,500 of notional income annually, until / unless you start reducing the loan balance.
If your only means of repaying the loan is with money drawn as salary from the company under deduction of tax, then clearly the whole thing is very tax inefficient. If you borrow 100k from the company, and pay it off over 10years, at 10k p.a. out of of additional net salary, then I calculate that additional PAYE/PRSI of 64k will be paid over that period, and that assumes that you will only ever be paying tax at the standard rate (plus PRSI & USC).