The former England Under-21 international, who made his Owls debut in the weekend draw at Middlesbrough after joining for an initial month from West Ham, is determined to help kickstart Wednesday's season.
"I got the shout on Friday and as soon as I heard of the chance to come here, I went straight down to the West Ham training ground, grabbed my boots and got on the next train," Spence told the club's official website.
"I've had one game and now I want to get stuck into training and hopefully help the boys get some positive results and see what happens from there.
"This is a big club and an even bigger privilege for me to come here and play.
"The support here is awesome. Obviously I've had the privilege of playing for West Ham, another club with a huge fanbase.
"I've played at Hillsborough before for Scunthorpe so I know how important the fans are here and what role they can play.
"Hopefully I can make an impact here, do the business and help to start racking up those points."