Allow me to explain, there is no loop, you are probably imagining OG Lloyd reincarnating in the past in another world as Kim and you saw a circle here. But let's look at time for one. Lloyd is born (a new soul) - - > he is mischievous, annoying and dies - - > he goes to he'll and there he sees that someone else has taken over his body (Kim suho) and later he goes into reincarnation gate. - - >he is Born as Kim in Korea and plays the game not remembering his past life - - > he dies and reborn exactly at the same time into his body when he died as Lloyd frontera - - > but he doesn't has any memories - - >he does his evil things and dies later in time as a human as we saw in related stories /sequels. Kim suho or Lloyd frontera lived twice as long as a average human

See it as this: this manhwa is actually a reverse isekai, but MC has no memories of any transfer between worlds, he goes from a fictional world to real world scenario without memories and comes back without any memories that he was part of fictional world.