Fry told the Peterborough Evening Telegraph: "Reuben is a young player who just wants to play football. He's not getting that opportunity at West Brom so he's raring to go with us.
"He would have joined us before the Spurs game but West Brom needed him at the weekend because of a suspension.
"Harry Redknapp rates Jake very highly and he will give us a bit of presence in midfield. We also hope to have three more new arrivals confirmed by the weekend. They will all be loan deals apart from an Irish lad who is one for the future."