The singer claimed that her ex-boss and former X Factor co-star had "zero involvement" with the group, but still took a percentage of their earnings.
Cole told Marie Claire magazine: "We never had management. Louis claimed to be our manager but he never did it.
"We didn't talk to him or anything like that. He just took a cheque. Oh yeah, he took the cheques."
Walsh became manager of Girls Aloud after steering the group - which also consists of Nicola Roberts, Sarah Harding, Nadine Coyle and Kimberley Walsh - to victory on Popstars: The Rivals back in 2002.
However, Cole also admitted that she had a go at the music mogul for telling them that they were all fat.
She added: "The label sent us for training. We thought they were doing us a favour. We were so deluded."
Cheryl Cole will reportedly premiere her new single 'Call My Name' on BBC Radio 1 on April 20.
> Cheryl Cole rants about Ashley Cole in new song 'Screw You'?
Watch the music video for Girls Aloud's 'Sound Of The Underground' below: