How loud? If it's loud enough it will most definitely result with hearing loss. Although it may not be noticeable at first. Hearing loss is nothing magical. By the very definition, hearing loss is the loss of ability to hear. The only way that can happen is if you damage your ears, or a part of the brain that's essential for hearing which is less likely.
What is normal hearing? If you are told that you have normal hearing level, it does not necessarily mean that you don't have any damage to your ears. It may just mean that the damage is hard to detect. The basic hearing test is a behavioral test. It doesn't objectively verify that the cells are not damaged. It doesn't replace a microscope, but it's the best and only test we have right now. There are some more advanced tests that can be done, but they are mostly of interest to researchers in a lab setting.
I have noise induced hearing loss. I received an extremely loud noise, right in my ears! I jumped like one of those lab rats that scientists deafen for various lab experiments. I do have hearing loss, and I have evidence to show it. Moreover, my tinnitus has the same pitch as the noise I was exposed to. Also, my initial hearing test showed a 30 dB dip at 6000 Hz. Surrounding frequencies were at about 10 dB to 15 dB. Subsequent hearing tests showed a remarkable/impossible improvement at 6000 Hz, from 30 dB to 15 dB. A doubling! Remarkable improvement... then came the tinnitus... go figure.