Lovers and Losers received mixed-to-positive reviews from critics. Bill Robertson of The StarPhoenix called it a return to "the fold of the drinkers and the forgiven," describing the songs as consistent, if not groundbreaking, and noting that "these tunes just maintain the standards."[3] Jim McNulty of the Edmonton Journal agreed that the album worked well as a country release, but found some of the lyrics tired and formulaic, writing that Paycheck "has covered some of this ground once too often."[4]
Christopher Evans of the Orlando Sentinel criticized the lyrics as "trite" and the humor as ineffective, suggesting Paycheck had run out of creative options.[5] Patti Fanning of The Boston Globe viewed the album as a thoughtful recalibration: "a tamer, more sedate Paycheck looking back at the wilder times with a hard-won comprehension of the value of loyalty and love."[1]
The Santa Barbara News and Review praised the record for returning to Paycheck's "old fashioned cryin' and dyin'" roots and awarded it four our of five stars, highlighting tracks like "D.O.A. (Drunk on Arrival)," "Loser of the Year," and "She Got the Gold Mine (I Got the Shaft)" as the album's strongest cuts.[2]
