diff --git a/lib/loader.js b/lib/loader.js
index 2e11d88..21396c3 100644
--- a/lib/loader.js
+++ b/lib/loader.js
@@ -9,7 +9,8 @@ module.exports = function (source) {
     this.cacheable();
   }
   var allLoadersButThisOne = this.loaders.filter(function (loader) {
-    return loader.module !== module.exports;
+    // Loader API changed from `loader.module` to `loader.normal` in Webpack 2.
+    return (loader.module || loader.normal) !== module.exports;
   });
   // This loader shouldn't kick in if there is any other loader
   if (allLoadersButThisOne.length > 0) {