diff --git a/lib/plugins.py b/lib/plugins.py
index 78787f11f..761820d64 100644
--- a/lib/plugins.py
+++ b/lib/plugins.py
@@ -70,7 +70,7 @@ def init_plugins(config, is_local, gui_name):
 
     def register_wallet_type(name, x):
         import wallet
-        x += (lambda storage: plugin_loader(config, name).constructor(storage),)
+        x += (lambda: plugin_loader(config, name),)
         wallet.wallet_types.append(x)
 
     descriptions = electrum_plugins.descriptions
diff --git a/lib/wallet.py b/lib/wallet.py
index f2110a7c1..3a4f9eccc 100644
--- a/lib/wallet.py
+++ b/lib/wallet.py
@@ -1927,7 +1927,10 @@ class Wallet(object):
         if wallet_type:
             for cat, t, name, loader in wallet_types:
                 if t == wallet_type:
-                    WalletClass = loader
+                    if cat in ['hardware', 'twofactor']:
+                        WalletClass = lambda storage: apply(loader().constructor, (storage,))
+                    else:
+                        WalletClass = loader
                     break
             else:
                 if re.match('(\d+)of(\d+)', wallet_type):