diff --git a/mm/page_io.c b/mm/page_io.c
index ff8c99ee3af7..aa190e3cb050 100644
--- a/mm/page_io.c
+++ b/mm/page_io.c
@@ -521,7 +521,13 @@ void swap_read_folio(struct folio *folio, struct swap_iocb **plug)
 
 	if (zswap_load(folio)) {
 		folio_unlock(folio);
-	} else if (data_race(sis->flags & SWP_FS_OPS)) {
+		goto finish;
+	}
+
+	/* We have to read from slower devices. Increase zswap protection. */
+	zswap_folio_swapin(folio);
+
+	if (data_race(sis->flags & SWP_FS_OPS)) {
 		swap_read_folio_fs(folio, plug);
 	} else if (synchronous) {
 		swap_read_folio_bdev_sync(folio, sis);
@@ -529,6 +535,7 @@ void swap_read_folio(struct folio *folio, struct swap_iocb **plug)
 		swap_read_folio_bdev_async(folio, sis);
 	}
 
+finish:
 	if (workingset) {
 		delayacct_thrashing_end(&in_thrashing);
 		psi_memstall_leave(&pflags);
diff --git a/mm/swap_state.c b/mm/swap_state.c
index 40c681ae9c3c..293ff1afdca4 100644
--- a/mm/swap_state.c
+++ b/mm/swap_state.c
@@ -702,10 +702,8 @@ struct folio *swap_cluster_readahead(swp_entry_t entry, gfp_t gfp_mask,
 	/* The page was likely read above, so no need for plugging here */
 	folio = __read_swap_cache_async(entry, gfp_mask, mpol, ilx,
 					&page_allocated, false);
-	if (unlikely(page_allocated)) {
-		zswap_folio_swapin(folio);
+	if (unlikely(page_allocated))
 		swap_read_folio(folio, NULL);
-	}
 	return folio;
 }
 
@@ -854,10 +852,8 @@ static struct folio *swap_vma_readahead(swp_entry_t targ_entry, gfp_t gfp_mask,
 	/* The folio was likely read above, so no need for plugging here */
 	folio = __read_swap_cache_async(targ_entry, gfp_mask, mpol, targ_ilx,
 					&page_allocated, false);
-	if (unlikely(page_allocated)) {
-		zswap_folio_swapin(folio);
+	if (unlikely(page_allocated))
 		swap_read_folio(folio, NULL);
-	}
 	return folio;
 }