The Huddersfield Town man, who was a Premier League team-mate of Fleetwood manager Graham Alexander at Turf Moor, has joined until January 3.
He will join up with the Fleetwood squad tomorrow for the trip to Yeovil in League One.
Town were facing the trip with just two available front men with Jamie Proctor starting a three game suspension for his sending off in last weekend’s FA Cup defeat at Cambridge United.
David Ball could be out for up to four months with a broken leg while Jamille Matt is not likely to feature at all this campaign due to cruciate ligament damage.
Paterson is delighted to help out his former team mate.
He said: “I’m delighted to come, I know the manager and I just want to get to work.
“It’s happened quite quickly over the last couple of days.
“I spoke to the gaffer at Huddersfield he said he’d let me come and play some games.
“I’ve been working hard and not able to break in.
“That was yesterday and today I’m here.
“It’s been hectic but I’m ready for Saturday and we’ll see what that brings.”