Hoult will make his debut against Rotherham at the City Ground on Saturday, with first choice stoppers Rune Pedersen (hip) and Paul Gerrard (back) both ruled out through injury.
Baggies boss Bryan Robson said: "A groin injury disrupted Russell's start to the season and meant he didn't really get a chance to challenge Chris Kirkland and Tomasz Kuszczak.
"That's why it's best for him to go out on a month's loan and play first-team football.
"I can gauge where his fitness is while he's playing for Forest."