Monakana started his career at Arsenal before moving to Deepdale in the summer of 2012, registering 49 appearances for North End and scoring six goals.
The 19-year-old arrives at the Weston Homes Community Stadium to boost a squad currently depleted by injury and goes straight into contention to make his debut at Bradford on Saturday.
Boss Joe Dunne told the club's official website: "He's straight into the squad. We've monitored him and seen he hasn't been in their set-up so far this season. He's played behind-closed-doors matches for them, so he's fit and ready to go for us.
"Jeffrey is an attack-minded player, who wants to attack the box and is very much one who fits into our style of play. He's not afraid to cut inside and shoot from distance and I think we've been lacking that.
"We need to be attacking the box a bit more and I know he can do that. He wants to carry the ball and take people on one-on-one, so we're looking forward to working with him in the next few weeks."
Preston boss Simon Grayson, meanwhile, is happy to see Monakana move to a fellow League One club in order to get some regular first-team action under his belt - although he insists he still has a future at the Lancashire club.
Grayson said: "Jeffrey is very much part of our first-team plans here at Preston and this move will benefit him no end in terms of getting some match practice in before rejoining the squad.
"Jeffrey came to me and asked to go out on loan as he is currently behind a few other players in the pecking order and, between us, we agreed that this was a sensible decision to make and one that suited both of us."