Hearing loss (HL) simulators, which allow normal hearing (NH) listeners to experience HL, have been used in speech intelligibility experiments, but not in sound quality experiments due to perceptible distortion. If they produced less distortion, they might be useful for NH listeners to evaluate the sound quality of, for example, hearing aids. We conducted perceptual sound quality experiments to compare the Cambridge version of HL simulator (CamHLS) and the Wakayama version of the HL simulator (WHIS), which has the two algorithms of filterbank analysis synthesis (FBAS) and direct time-varying filter (DTVF). The experimental results showed that WHIS with DTVF produces less perceptible distortion in speech sounds than CamHLS and WHIS with FBAS, even when the nonlinear process is working. This advantage is mainly due to the use of the DTVF algorithm, which could be applied to various signal synthesis applications with filterbank analysis.