Lloyd, 24, said she understands how it feels to be cheated on by a long-term partner, describing the situation as "horrible".
Cole's football star husband Ashley was last month reported to have cheated on her twice in 2007, while Lloyd split with Portsmouth striker Jermain Defoe following reports he had been unfaithful.
The reality TV star told the Daily Star: "It was my decision to finish it and I am happy to be single again. After the story broke, I just couldn’t trust him.
"I empathise with Cheryl. It is horrible when you are in love with someone and you find out they have betrayed you."
Lloyd has previously dated footballers Teddy Sheringham, 41, and Marcus Bent, 29.