He was a heavy hitter, usually batting cleanup during his prime, but also knew how to play "inside baseball," and was an expert place hitter and bunter. He was also a renowned shortstop, ranked by most experts as second only to Dick Lundy among black shortstops before integration, and was referred to as the "Black Wagner," a reference to Pittsburgh Pirates Hall-of-Famer Honus Wagner. (On Lloyd, Wagner said "It's an honor to be compared to him.") Known for his gentlemanly conduct, Lloyd was probably the most sought-after African-American player of his generation. "Wherever the money was, that's where I was," he once said. His career record bears him out, showing him moving from team to team constantly.
Born in Palatka, Florida, Lloyd began his professional baseball career in 1905, playing catcher for the Acmes of Macon, Georgia. He played second base with the Cuban X Giants of Philadelphia in . The following season, Sol White signed him for the X Giants' arch rivals, the Philadelphia Giants, and moved him to shortstop, where he would remain through the bulk of his career. In 1910, Lloyd accepted Rube Foster's invitation to join the Chicago Leland Giants, where he anchored a team that Foster described as the greatest of all time. He rejoined White on the newly-organized Lincoln Giants in 1911, batting .475 against all competition. Lloyd took over as player manager for 1912 and 1913, and in the latter year the Lincolns defeated the Chicago American Giants in a playoff series to become the undisputed champions of black baseball.
In 1914, Lloyd travelled west again to play for the American Giants. He split the 1915 season between the New York-based Lincoln Stars and the American Giants, then spent all of 1916 and 1917 with Foster's team. In 1918, Lloyd served as player manager of the Brooklyn Royal Giants, leaving the club early to work for the Army Quartermaster Depot in Chicago. 1919 saw him join the Bacharach Giants of Atlantic City, then 1920 found him back with the Royal Giants.
In 1921, he was hired to organize a new team in Foster's young Negro National League. Lloyd's Columbus Buckeyes were not a notable success, however, on the field or in the box office, finishing seventh in a field of eight, and folded upon season's end. The following year found Lloyd back in the east helming the Bacharach Giants, who had moved to New York City.
When the Eastern Colored League was formed in 1923, Ed Bolden hired Lloyd to manage the Hilldale Club. Lloyd brought home the first ECL pennant by a wide margin, guiding Hilldale to a 32-17 record. He did not, however, get along with Bolden, and 1924 saw Lloyd return to the Bacharachs, now based again in Atlantic City. With the brilliant young shortstop Dick Lundy on the roster, the 40-year-old Lloyd moved himself to second base. He hit .444 to win the 1924 ECL batting title, at one point reeling off 11 straight base hits. The Bacharachs, however, enjoyed only indifferent success under Lloyd during his two years there, finishing fourth both seasons (with records of 30-29 and 26-27).
The Lincoln Giants, who had finished in last place in 1925, hired Lloyd to manage them for 1926. They improved to fifth (19-22), then played 1927 and most of 1928 as an independent club. It was during the latter season that Lloyd moved himself to first base, while enjoying a fine season at the plate, batting .402 against top black clubs. In 1929, the Lincolns compiled the second-best overall record (40-26) in the American Negro League. Lloyd finished up his career managing the Bacharach Giants in 1931-32, and upon his retirement settled permanently in Atlantic City.
Lloyd played extensively in Cuba, beginning with a 1907 visit to Havana by the Philadelphia Giants. Altogether he spent twelve seasons in the Cuban League from 1908/09 to 1930, batting .329 for his career, and playing on three championship teams (Habana in 1912 and Almendares in 1924/25 and 1925/26). In Cuba he was called La Cuchara, "The Spoon," either due to his practice of scooping up ground balls, or because of his prominent chin.
According to the historian John Holway, Lloyd batted .337 (970 hits in 2881 at bats) in the Negro Leagues.
Lloyd was inducted posthumously into the Baseball Hall of Fame in .