The son of Sir Thomas Lloyd, 1st Baronet, he was educated at Eton College and afterwards by a private tutor.
While Lloyd made good progress towards paying off these debts, he never entirely succeeded, and the death of his only son and heir, Marteine Arundel Keymes Lloyd at the Battle of the Somme in 1916, rendered the actions a moot point.
Lloyd served as a Justice of the Peace, Deputy Lieutenant of Cardiganshire and was appointed High Sheriff of the county for 1881.
The fortunes of the family declined after the war, because the Inland Revenue sought the payment of death duties.
In an attempt at tax avoidance, Sir Marteine had transferred the estate to his son shortly before the latter's death on the Somme.