diff --git a/kernel/module.c b/kernel/module.c
index 7c724356aca3..30ac7514bd2b 100644
--- a/kernel/module.c
+++ b/kernel/module.c
@@ -3654,7 +3654,8 @@ static bool finished_loading(const char *name)
 	sched_annotate_sleep();
 	mutex_lock(&module_mutex);
 	mod = find_module_all(name, strlen(name), true);
-	ret = !mod || mod->state == MODULE_STATE_LIVE;
+	ret = !mod || mod->state == MODULE_STATE_LIVE
+		|| mod->state == MODULE_STATE_GOING;
 	mutex_unlock(&module_mutex);
 
 	return ret;
@@ -3820,20 +3821,35 @@ static int add_unformed_module(struct module *mod)
 
 	mod->state = MODULE_STATE_UNFORMED;
 
-again:
 	mutex_lock(&module_mutex);
 	old = find_module_all(mod->name, strlen(mod->name), true);
 	if (old != NULL) {
-		if (old->state != MODULE_STATE_LIVE) {
+		if (old->state == MODULE_STATE_COMING
+		    || old->state == MODULE_STATE_UNFORMED) {
 			/* Wait in case it fails to load. */
 			mutex_unlock(&module_mutex);
 			err = wait_event_interruptible(module_wq,
 					       finished_loading(mod->name));
 			if (err)
 				goto out_unlocked;
-			goto again;
+
+			/* The module might have gone in the meantime. */
+			mutex_lock(&module_mutex);
+			old = find_module_all(mod->name, strlen(mod->name),
+					      true);
 		}
-		err = -EEXIST;
+
+		/*
+		 * We are here only when the same module was being loaded. Do
+		 * not try to load it again right now. It prevents long delays
+		 * caused by serialized module load failures. It might happen
+		 * when more devices of the same type trigger load of
+		 * a particular module.
+		 */
+		if (old && old->state == MODULE_STATE_LIVE)
+			err = -EEXIST;
+		else
+			err = -EBUSY;
 		goto out;
 	}
 	mod_update_bounds(mod);