We analyse the behavioural aspects of access to credit using unique firm evaluations of the lending policy in the WIFO Business Cycle Survey for the period 2011–2013. The survey data show high dynamics in credit access behind relatively stable macroeconomic trends. In particular, nearly all firms with loans had at least one period when they did not receive a loan despite they tried so. Similarly, nearly all firms with demand but no loans in a particular period had loans in a different period. Moreover, our results show that firms have a better perception of the lending policy only if they received a loan for which amount and interest rate were as expected and vice versa. Thus, access to credit in a particular period may have a relatively long-term impact on the firms' behaviour. As a result, even transitory effects, such as a liquidity shortage, may have a long-lasting impact on firms' decisions on, for example, investment or employment.