The 30-year-old has fallen down the pecking order at Deepdale and has often not been included in the matchday squad with North End boss Simon Grayson blessed with options in the attacking department - Joe Garner, Craig Davies, Kevin Davies, Stuart Beavon and Paul Gallagher all at his disposal.
Hume has therefore elected to drop down a division and spearhead the Cod Army's bid to move up into Sky Bet League One under former Preston defender Graham Alexander.
Hume has played in 20 games for his parent club this season, but has scored just twice.
"It is a football decision that both of us agreed on," said Grayson.
"It is never easy for players when they are not in the 18 when they have been used to playing and when you are Iain's age.
"If Iain is away for 28 days and we end up in the play-offs, he will have had six or seven games at Fleetwood, be fully match fit and be ready to come in and do his bit in the play-offs - if that's to be the case."
- Sports & Recreation
- Stuart Beavon
- Craig Davies
- Kevin Davies
- Paul Gallagher
- Joe Garner