The correct spelling of the name "Loyd" is often confused with "Lloyd" due to their similar pronunciation. However, the spelling "Loyd" is phonetically transcribed as "lɔɪd" with a slightly different vowel sound than "Lloyd" which is transcribed as "lɔɪd" or "lɔɪdə". One possible reason for this discrepancy is that "Loyd" may have originated as a variation of the name "Lloyd" during the Middle Ages. Nevertheless, both spellings are commonly used as given names and surnames in English-speaking countries.
The word Loyd does not have a well-established etymology as it is a relatively uncommon name. However, it is believed to be an anglicized spelling of the Welsh name Lloyd, which has a clearer etymology. The Welsh surname Lloyd traces its origins to the Old Welsh word clwyd, meaning gray or hollow. Over time, this evolved into Llwyd and eventually became Lloyd as it was adapted to English spelling conventions. It is worth noting that Loyd may simply be a variant spelling or a less common form of Lloyd.