diff --git a/CHANGELOG.md b/CHANGELOG.md
index a0eb3936..b6ce541a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,7 @@
 # IdentityCache changelog
 
+- Fix: Allow use of pre-loaded cache from within a transaction
+
 #### 0.4.0
 
 - Return an array from fetched association to prevent chaining. Up to now, a relation was returned by default. (#287)
diff --git a/lib/identity_cache/belongs_to_caching.rb b/lib/identity_cache/belongs_to_caching.rb
index 2dc31da8..6b4ef8aa 100644
--- a/lib/identity_cache/belongs_to_caching.rb
+++ b/lib/identity_cache/belongs_to_caching.rb
@@ -35,18 +35,19 @@ def build_normalized_belongs_to_cache(association, options)
         self.class_eval(<<-CODE, __FILE__, __LINE__ + 1)
           def #{options[:cached_accessor_name]}
             association_klass = association(:#{association}).klass
-            if association_klass.should_use_cache? && #{foreign_key}.present? && !association(:#{association}).loaded?
-              if instance_variable_defined?(:@#{options[:records_variable_name]})
-                @#{options[:records_variable_name]}
-              else
-                @#{options[:records_variable_name]} = association_klass.fetch_by_id(#{foreign_key})
-              end
-            else
-              if IdentityCache.fetch_read_only_records && association_klass.should_use_cache?
+
+            if !#{foreign_key}.present? || association(:#{association}).loaded?
+              if IdentityCache.fetch_read_only_records
                 readonly_copy(association(:#{association}).load_target)
               else
                 #{association}
               end
+            elsif instance_variable_defined?(:@#{options[:records_variable_name]})
+              @#{options[:records_variable_name]}
+            elsif association_klass.should_use_cache?
+              @#{options[:records_variable_name]} = association_klass.fetch_by_id(#{foreign_key})
+            else
+              #{association}
             end
           end
 
diff --git a/lib/identity_cache/configuration_dsl.rb b/lib/identity_cache/configuration_dsl.rb
index 7da09903..a297b21a 100644
--- a/lib/identity_cache/configuration_dsl.rb
+++ b/lib/identity_cache/configuration_dsl.rb
@@ -234,10 +234,14 @@ def #{options[:cached_ids_name]}
 
           def #{options[:cached_accessor_name]}
             association_klass = association(:#{association}).klass
-            if association_klass.should_use_cache? && !#{association}.loaded?
-              @#{options[:records_variable_name]} ||= #{options[:association_reflection].klass}.fetch_multi(#{options[:cached_ids_name]})
-            else
+            if #{association}.loaded?
               #{association}.to_a
+            elsif instance_variable_defined?(:@#{options[:records_variable_name]})
+              @#{options[:records_variable_name]}
+            elsif association_klass.should_use_cache?
+              @#{options[:records_variable_name]} = #{options[:association_reflection].klass}.fetch_multi(#{options[:cached_ids_name]})
+            else
+               #{association}.to_a
             end
           end