The 31-year-old hasn't played for Huddersfield in 2019 due to injury and hopes a spell in the Championship will help him regain his match fitness.
Ferguson is a product of amateur club Featherstone Lions, who are based just minutes from the LD Nutrition Stadium.
He becomes the second player from Huddersfield to join Rovers on loan, with Tom Holmes already proving an important player for Featherstone.
"Having Dale on loan will certainly help us during a very busy fixture schedule for the club," said Rovers general manager Steve Gill.
"Dale is a product of the Featherstone Lions club and I feel sure he will be a great addition to the squad."
Huddersfield Giants managing director Richard Thewlis added: "After a long period out Dale is now ready to play and needs game time to force himself into Simon's (Woolford) thinking.
"The opportunity at a club local to him where he has friends quickly presented itself and we thank Steve Gill and the Featherstone Club for this opportunity."
Ferguson will be available for selection for Rovers' crucial clash with Bradford Bulls this weekend.
The Scotland international has spent most of his career in Super League but did have a three-year spell at Bradford from 2014-16.
He has also appeared for Wakefield Trinity and Hull Kingston Rovers.