Sounds like a pressure issue. Either pressure is not being built or pressure is being released.
My diagnostic procedure when a pressure gauge is not available:
1) Wind the hand control relief valve all the way in and test loader operation with low to mid rpm. Bearing in mind the relief valve will not operate at all so listen to the engine making note of how hard it's working. If the engine begins to labor excessively, immediately move the hand control to the central position. If the loader operation is restored then adjustment/repair is required to the relief valve. A good setting without a pressure gauge is just enough to lift the tractor on the tip (cutting edge) of the bucket when the bucket is laying flat.
2) Pump failure. Remove the pump, 2 bolts only diagonal to each other. Check the tounge of the pump and the shaft the tongue locates to for rounding. Rounding will allow the tounge to just grab then slip when a load is placed on it. Many engines have been fitted with the wrong transition drive shaft, I have replaced many. The transition drive can be repaired correctly using a welder. If the tongue shows no signs of rounding replace the pump.
From previous experience my guess is rounding of the shaft. Hope this helps.
Dean