Cole (pictured) came through the youth ranks at Derby and had loan spells at Stockport County and Eastwood Town before he was released by the Rams at the end of the 2011-12 season.
The wideman, who can also play at left-back, later signed for Barrow and has also had stints at Hinckley United and Nantwich Town.
"He can give us a bit more strength and pace," said Nailers boss Peter Duffield.
"He trained with us before he got the chance to play at a higher level with Worksop.
"But Worksop are going very well and he has struggled to get in the side.
"He hasn't played much football of late but we hope he comes here and has an impact."
Cole could make his Belper debut in their Evo-Stik First Division South clash with Goole at Christchurch Meadow tomorrow.
Updated 10:59 - 18 Jan 2014 by David Laughlin