diff --git a/packages/lib/models/Setting.test.ts b/packages/lib/models/Setting.test.ts
index 5e4f3c953db..18fa5f0fe1b 100644
--- a/packages/lib/models/Setting.test.ts
+++ b/packages/lib/models/Setting.test.ts
@@ -65,15 +65,20 @@ describe('models/Setting', () => {
 		await expectThrow(async () => Setting.value('itsgone'), 'unknown_key');
 	}));
 
-	it('should allow registering new settings dynamically', (async () => {
+	it.each([
+		SettingStorage.Database, SettingStorage.File,
+	])('should allow registering new settings dynamically (storage: %d)', (async (storage) => {
 		await expectThrow(async () => Setting.setValue('myCustom', '123'), 'unknown_key');
 
 		await Setting.registerSetting('myCustom', {
 			public: true,
 			value: 'default',
 			type: Setting.TYPE_STRING,
+			storage,
 		});
 
+		expect(Setting.value('myCustom')).toBe('default');
+
 		await expectNotThrow(async () => Setting.setValue('myCustom', '123'));
 
 		expect(Setting.value('myCustom')).toBe('123');
@@ -328,7 +333,7 @@ describe('models/Setting', () => {
 
 		expect((await Setting.loadOne('locale')).value).toBe('fr_FR');
 		expect((await Setting.loadOne('theme')).value).toBe(Setting.THEME_DARK);
-		expect((await Setting.loadOne('sync.target')).value).toBe(undefined);
+		expect((await Setting.loadOne('sync.target'))).toBe(null);
 	});
 
 	it('should save sub-profile settings', async () => {
diff --git a/packages/lib/models/Setting.ts b/packages/lib/models/Setting.ts
index 1af9be5fa60..f0cc73170a2 100644
--- a/packages/lib/models/Setting.ts
+++ b/packages/lib/models/Setting.ts
@@ -2103,6 +2103,7 @@ class Setting extends BaseModel {
 	}
 
 	// Low-level method to load a setting directly from the database. Should not be used in most cases.
+	// Does not apply setting default values.
 	public static async loadOne(key: string): Promise<CacheItem | null> {
 		if (this.keyStorage(key) === SettingStorage.File) {
 			let fileSettings = await this.fileHandler.load();
@@ -2113,10 +2114,14 @@ class Setting extends BaseModel {
 				fileSettings = mergeGlobalAndLocalSettings(rootFileSettings, fileSettings);
 			}
 
-			return {
-				key,
-				value: fileSettings[key],
-			};
+			if (key in fileSettings) {
+				return {
+					key,
+					value: fileSettings[key],
+				};
+			} else {
+				return null;
+			}
 		}
 
 		// Always check in the database first, including for secure settings,