diff --git a/lib/paperclip/storage/s3.rb b/lib/paperclip/storage/s3.rb
index 904511cdd..70cf5fc70 100644
--- a/lib/paperclip/storage/s3.rb
+++ b/lib/paperclip/storage/s3.rb
@@ -433,9 +433,9 @@ def copy_to_local_file(style, local_dest_path)
       def find_credentials(creds)
         case creds
         when File
-          YAML::safe_load(ERB.new(File.read(creds.path)).result, [], [], true)
+          load_credentials_from_file(creds.path)
         when String, Pathname
-          YAML::safe_load(ERB.new(File.read(creds)).result, [], [], true)
+          load_credentials_from_file(creds)
         when Hash
           creds
         when NilClass
@@ -445,6 +445,14 @@ def find_credentials(creds)
         end
       end
 
+      def load_credentials_from_file(path)
+        if Gem::Version.new(Psych::VERSION) >= Gem::Version.new("3.1.0")
+          YAML::safe_load(ERB.new(File.read(path)).result, aliases: true)
+        else
+          YAML::safe_load(ERB.new(File.read(path)).result, [], [], true)
+        end
+      end
+
       def use_secure_protocol?(style_name)
         s3_protocol(style_name) == "https"
       end