A 6'6" swingman from Drake University, he played most of his professional career for the National Basketball Association's Houston Rockets.

Lloyd was selected in the fourth round of the 1981 NBA draft by the Golden State Warriors.

In late 1986, however, he tested positive for cocaine alongside teammate Mitchell Wiggins, incurring a 2+1⁄2-year suspension from the league.

[2][3] While suspended from the NBA, Lloyd played for the Cedar Rapids Silver Bullets in the Continental Basketball Association during the 1988–89 season.

He also appeared in 20 post-season contests in 1986 as the Rockets reached the NBA Finals, losing 4–2 to the Boston Celtics.