Lloyd was educated at Westminster School and Trinity College, Cambridge, graduating B.A.
[1] He was author of the popular poem The Actor (1760) and the comic opera The Capricious Lovers (1764), first performed at Drury Lane just a few weeks before his death.
He was also co-editor of St James's Magazine (1762–1763), and member of the infamous Nonsense Club of Old Westminster men with Bonnell Thornton, George Colman, William Cowper and others.
Lloyd was often in debt, and apparently died in Fleet Prison on 15 December 1764, shortly after the death of his lifelong friend Charles Churchill, to whose sister, Patty, he was engaged.
[2] The Dictionary of National Biography says that Lloyd joined Charles Churchill in a "reckless career of dissipation", and Vulliamy, in his biography of James Boswell, wrote that "Lloyd died when he was thirty-one, ruined by his friendship with Churchill".