The 22-year-old spent much of the 2015-16 season with the Blues, making 22 league appearances.
Lloyd will not feature for Chester in Saturday's game at Maidstone as Jon McCarthy's side look for back-to-back victories in the National League.
They beat Dagenham 3-0 on Tuesday, having lost their opening game by the same scoreline at Gateshead.
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National League club Chester have re-signed Port Vale midfielder Ryan Lloyd on loan until 1 January.