So, you suspect that he had some sort of relationship with this other woman? If so, and assuming he wanted to keep that fact from you, as you also seem to suggest based on the fact that he has waited a couple of months to tell you about it, then it seems very strange that he would enlist your help to get back the money, especially if it's only $126. I think the fact that he is asking your help to get the money back suggests that he is not trying to hide anything. Maybe he did think you were friends and that's why he thought it would be no big deal to loan her a small amount of money, and also why he thinks you could get her to pay him back?

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Who does that shite?! Goes behind their gf's back and gives another chick $ and then when she won't pay him back, he asks his gf to do it?!?!?

Going behind your back can mean a lot of things. Did he take active steps specifically to keep you from finding out, or did he simply not mention it? I could envision a situation in which, if he thought the woman was your friend (maybe she told him you two were closer than you actually are?), he might not think much of making a small loan to her and not necessarily think it warranted a specific mention to you unless she (or some subject related in some way to loaning her money) happened to come up in conversation. Then, after she didn't pay him back, I could see him asking you if you could persuade your friend to pay him back.

Obviously, you know the situation better than I do, but from what you've told us, I don't think it necessarily means that he is cheating or trying to hide anything from you.