Loyd attended Milton High School in Alpharetta, Georgia, where he led Milton to a playoff appearance in each of his final two seasons, including a state championship as a junior in 2009-10. Loyd earned all-conference and team MVP honors as a senior after leading his squad to a top-five national ranking. In his freshman year at Furman University, he averaged 6 points, 3.4 rebounds and 1.7 assists per game. In his sophomore year, Loyd transferred from Furman to the University of Indianapolis, where he quickly became a key part of the UIndy bench, averaging double-digits minutes. Loyd finished his final Greyhound season averaging 20.9 points, 6.3 rebounds, and 2.5 assists, while shooting 50 percent from the field, 41 percent from 3-point range and 86 percent from the foul line. Loyd's name is all over the UIndy record book, as he finishes 25th all-time in scoring, fifth in career free throw percentage, seventh in free throws made, 10th in 3-point percentage, tied for 12th in 3-pointers made and 16th in career scoring average. On March 2, 2016, Loyd earned a spot in the All-GLVC First team and Defensive team.
Loyd went undrafted in the 2016 NBA Draft. On October 31, 2016, Loyd has selected with the 48th overall pick in the 2016 NBA D-League Draft by the Fort Wayne Mad Ants. In 49 games played during the 2016–17 season, Loyd averaged 15.1 points, 4.2 rebounds and 4 assists per game.
On June 25, 2018, Loyd signed a two-year deal with the Turkish team Darüşşafaka. Four days later, Loyd joined the Toronto Raptors and the Boston Celtics for the 2018 NBA Summer League. On August 7, 2018, after impressing during the Summer League, Loyd opted out of his deal with Darüşşafaka and signed a two-way contract with the Toronto Raptors. On October 29, 2018, he made his NBA debut playing two minutes under a 109–124 loss to the Milwaukee Bucks. Loyd won a championship with the Raptors after they defeated the Golden State Warriors in the 2019 NBA Finals. Loyd became known as the "Random Guy in a Suit" due to being beside Kawhi Leonard during the Game 7buzzer beater, which he recognized by wearing a shirt with this slogan during the Raptors Championship parade. On August 2, 2019, Loyd was waived by the Raptors.
On August 5, 2019, Loyd signed a one-year deal with Valencia of the Spanish Liga ACB and the EuroLeague. On October 13, 2019, Loyd tied his career-high 30 points in his third league game with Valencia, he also recorded four rebounds, two assists and three steals in a 94–97 loss to Barcelona. He averaged 11.9 points, 2.2 assists and 1 steal per game.
