The 20-year-old who came through PNE's academy, will stay with Radcliffe until November 13.
It is a move designed to get the Chorley-born player a run of games.
This week, Baxter was an unused substitute in North End reserves' 5-0 win over Carlisle United in the Central League Cup.
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Against Walsall in the Central League last month, he operated at left wing-back.
Baxter spent from March to June on loan with Cork City in the League of Ireland First Division, playing 10 games and scoring twice.
Previous to that he had loans at Stalybridge, Chorley and Clitheroe.
Baxter joins three other players loaned out by PNE.
Tom Bayliss is on loan at Wigan Athletic for the season. Ethan Walker is on a short-term loan at AFC Fylde and Jack Holland-Wilkinson is at Lancaster City.
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