I wouldn't necessarily get five loanees, but I see no issue in getting a couple if they're good enough.
One or two regular starters; another one or two as useful squad players. Maybe a total of three this month, leaving the other two spaces available for January. Depending on which players leave over the next two weeks, that's roughly what I'd be looking at. Not too dissimilar to last time. Obviously they need to be good enough. I'm definitely not looking at getting five loanees as regular starters. That's far too many, and entirely unnecessary given the quality already within the squad.
I agree with a couple of good loans they will either be playing to get into their parent club first team stay with the club or gain a better salary with another team. Players like Bree and Smallbone want to get back to the EPL, if they don't and Saints do there will be clubs wanting to buy them on their Championship experience depending on wages and length of contract.