Lloyd was born in Canton, Missouri, where he attended the public schools, and later graduated from Christian University (today Culver-Stockton College) in Canton. He taught school, was a deputy sheriff of Lewis County from 1879 to 1881, and deputy circuit clerk and recorder from 1880 to 1882. He studied law, was admitted to the bar in 1882, and started a practice in Monticello, before moving to Shelbyville in 1885. He was prosecuting attorney of Shelby County from 1889 to 1893.
After retiring from Congress in 1917, Lloyd remained in Washington, D.C. where he practiced law. He was president of the board of education in 1924 and 1925 and president of the chamber of commerce in 1925. He returned to Canton in 1925 and continued his law practice and was a member of the board of curators of Culver-Stockton College. He died in Quincy, Illinois on April 3, 1944, and was buried in Forest Grove Cemetery in Canton.