The 25-year-old Welsh international joined up with the Cherries yesterday afternoon and made his debut immediately in the 2-1 defeat to Leeds United.
Collison has only made one first team appearance in the Premier League this season but has played in the Capital One Cup victories over Cheltenham Town and Cardiff City.
The loan move should enable Collison to feature in at least three Sky Bet Championship games for the Cherries before re-joining the Hammers squad in time for the busy Christmas period.