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Loki appears as a major antagonist in a special episode named "Hercules And The Twilight Of The Gods" where the normally Greek hero is taken all the way to the land of the Vikings, this version of Loki is very similiar to Hades as he was portrayed in the film right up to his desire to unleash numerous monsters by which to take over the Norse pantheon and bring about the end of the world (known as Ragnarok (or "twilight of the gods").
Loki is a little more light-hearted than the demonic being of legend but is still an evil character, he was likely toned down (along with many characters) so as to be more accessible to a younger audience - much as was done with Hercules himself.