Coach Darren Crocker said it's "fingers crossed" that the two-time premiership player will return from Saturday's knee injury in time for their preliminary final.
O'Loughlin was the only negative for the all-conquering Kangaroos at Ikon Park as they blew away Carlton by 36 points in front of 5028 fans in the second game of the qualifying final double-header.
After the Blues held them scoreless in the first quarter, North went up a gear and won 7.7 (49) to 1.7 (13).
O'Loughlin was in agony and had to be helped from the field after Gab Pound tackled her in the last term.
Crocker said she had a pre-existing right knee injury and is hopeful that scans will show O'Loughlin could return this season.
"Hopefully it's not too serious. The week off will obviously help her, we're hopeful we'll see her again in the prelim," he said.
The Kangaroos also hope to regain veteran Emma Kearney (hamstring) for their preliminary final in a fortnight's time.
Sophie McKay saved Carlton the ignominy of a goalless final when she snapped accurately 17 minutes into the last quarter.
North had a whopping 102 more possessions and laid 22 more tackles.
"Early doors, it was really tight. We couldn't hit the scoreboard," Crocker said.
"With a couple of adjustments ... the girls were fantastic in the second quarter and it became pretty clinical after that."
Crocker and star midfielder Ash Riddell said there had been no talk - yet - of becoming the first AFLW team to achieve a premiership three-peat.
It is only alluded to in the "not done yet" theme from Crocker.
"The group is so driven in this finals series. Winning is addictive and we know it feels like to win finals - you just want to capture that feeling again," said Riddell, who had a game-high 33 possessions.
Crocker added: "I could never see them getting ahead of themselves.
"That's the beauty of the group, they're very, very level, very balanced and I don't have too much aoncern bout them getting ahead of themselves."c
The pair agreed the upset loss to Hawthorn earlier this season, ending their record 32-game winning streak, had been a sharp lesson.
"It's just a reminder that you hate losing, more than anything," Riddell said.
Carlton coach Matthew Buck noted that his team had won nine games this season and had earned the double chance.
"Our morale is fine - I have a really resilient group and one that will stick together," he said.
"We've earned the right to have another game, which is fantastic, and take the lessons from this game.
"I was really proud of our group, that we didn't roll over and die at any point."
Blues defender defender Ciara Fitzgerald suffered a shin injury, while fellow back Harriet Cordner led the way.
North star Jenna Bruton kicked a goal in her 100th game and was chaired from the field.
Next weekend, Carlton will host the winner of Sunday's elimination final between Gold Coast and Hawthorn.
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