diff --git a/README.md b/README.md
index f63ea7e0..33ebb7e6 100644
--- a/README.md
+++ b/README.md
@@ -252,7 +252,7 @@ You will need to exclude them form `babel-loader`.
 
 ### Top level function (IIFE) is still arrow (on Webpack 5)
 
-That function is injected by Webpack itself _after_ running `babel-loader`. By default Webpack asumes that your target environment supports some ES2015 features, but you can overwrite this behavior using the `output.environment` Webpack option ([documentation]((https://webpack.js.org/configuration/output/#outputenvironment)).
+That function is injected by Webpack itself _after_ running `babel-loader`. By default Webpack asumes that your target environment supports some ES2015 features, but you can overwrite this behavior using the `output.environment` Webpack option ([documentation](https://webpack.js.org/configuration/output/#outputenvironment)).
 
 To avoid the top-level arrow function, you can use `output.environment.arrowFunction`:
 
diff --git a/package.json b/package.json
index 322338ee..d69155a9 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "babel-loader",
-  "version": "8.2.3",
+  "version": "8.2.4",
   "description": "babel module loader for webpack",
   "files": [
     "lib"
@@ -11,7 +11,7 @@
   },
   "dependencies": {
     "find-cache-dir": "^3.3.1",
-    "loader-utils": "^1.4.0",
+    "loader-utils": "^2.0.0",
     "make-dir": "^3.1.0",
     "schema-utils": "^2.6.5"
   },
diff --git a/src/cache.js b/src/cache.js
index 35e78819..29482924 100644
--- a/src/cache.js
+++ b/src/cache.js
@@ -19,6 +19,14 @@ const transform = require("./transform");
 // Lazily instantiated when needed
 let defaultCacheDirectory = null;
 
+let hashType = "md4";
+// use md5 hashing if md4 is not available
+try {
+  crypto.createHash(hashType);
+} catch (err) {
+  hashType = "md5";
+}
+
 const readFile = promisify(fs.readFile);
 const writeFile = promisify(fs.writeFile);
 const gunzip = promisify(zlib.gunzip);
@@ -63,13 +71,6 @@ const write = async function (filename, compress, result) {
  * @return {String}
  */
 const filename = function (source, identifier, options) {
-  // md4 hashing is not supported starting with node v17.0.0
-  const majorNodeVersion = parseInt(process.versions.node.split(".")[0], 10);
-  let hashType = "md4";
-  if (majorNodeVersion >= 17) {
-    hashType = "md5";
-  }
-
   const hash = crypto.createHash(hashType);
 
   const contents = JSON.stringify({ source, options, identifier });
diff --git a/src/index.js b/src/index.js
index 07eec2a1..45f518da 100644
--- a/src/index.js
+++ b/src/index.js
@@ -55,7 +55,7 @@ function makeLoader(callback) {
 async function loader(source, inputSourceMap, overrides) {
   const filename = this.resourcePath;
 
-  let loaderOptions = loaderUtils.getOptions(this) || {};
+  let loaderOptions = loaderUtils.getOptions(this);
 
   validateOptions(schema, loaderOptions, {
     name: "Babel loader",
diff --git a/yarn.lock b/yarn.lock
index b10e011e..2ca58f1d 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2143,7 +2143,7 @@ __metadata:
     find-cache-dir: ^3.3.1
     husky: ^4.3.0
     lint-staged: ^10.5.1
-    loader-utils: ^1.4.0
+    loader-utils: ^2.0.0
     make-dir: ^3.1.0
     nyc: ^15.1.0
     pnp-webpack-plugin: ^1.6.4
@@ -5070,17 +5070,6 @@ fsevents@~2.1.2:
   languageName: node
   linkType: hard
 
-"json5@npm:^1.0.1":
-  version: 1.0.1
-  resolution: "json5@npm:1.0.1"
-  dependencies:
-    minimist: ^1.2.0
-  bin:
-    json5: lib/cli.js
-  checksum: df41624f9f40bfacc546f779eef6d161a3312fbb6ec1dbd69f8c4388e9807af653b753371ab19b6d2bab22af2ca7dde62fe03c791596acf76915e1fc4ee6fd88
-  languageName: node
-  linkType: hard
-
 "json5@npm:^2.1.2":
   version: 2.1.3
   resolution: "json5@npm:2.1.3"
@@ -5234,14 +5223,14 @@ fsevents@~2.1.2:
   languageName: node
   linkType: hard
 
-"loader-utils@npm:^1.4.0":
-  version: 1.4.0
-  resolution: "loader-utils@npm:1.4.0"
+"loader-utils@npm:^2.0.0":
+  version: 2.0.2
+  resolution: "loader-utils@npm:2.0.2"
   dependencies:
     big.js: ^5.2.2
     emojis-list: ^3.0.0
-    json5: ^1.0.1
-  checksum: 9fd690e57ad78d32ff2942383b4a7a175eba575280ba5aca3b4d03183fec34aa0db314f49bd3301adf7e60b02471644161bf53149e8f2d18fd6a52627e95a927
+    json5: ^2.1.2
+  checksum: c1df0ff0fb52787011b8d19b1e38ee1b67e31d8b301703e6f791256377ce71a6180f40c34a597dfafe76fe621139fea0ee4669344d98b939d9042ea1c32f1ba9
   languageName: node
   linkType: hard