Yes, it is possible, but individuals need to have a good credit score to be granted the loan, and the application process is tedious and might take time. However, if the crediting rating has no issue, the loan is approved on the same day. A low credit rating has a high-interest rate attached to the loan that needs to be paid within the due date. In some cases, banks and credit unions ask customers to show some proof or keep something as collateral in order to be granted an emergency loan.