The 20-year-old came through Preston's youth system and went on to play 37 games for North End before making the switch to South Wales.
He is yet to feature for the Swans' first team but has been a regular in their Under-21 Development squad.
Proctor follows Manchester City winger Jeremy Helan to the Greenhous Meadow following his loan move from the Premier League champions on Thursday.
"Jamie played a few games in the Championship for Preston and then left to join Swansea for a fee," manager Graham Turner told the club's official website.
"He's 6ft 1in/6ft 2in and mobile and gives us another good option going into the weekend."