diff --git a/Core/HLE/sceKernelModule.cpp b/Core/HLE/sceKernelModule.cpp
index adda9bd383..ff9826ebe9 100644
--- a/Core/HLE/sceKernelModule.cpp
+++ b/Core/HLE/sceKernelModule.cpp
@@ -1588,6 +1588,8 @@ void __KernelLoadReset() {
 bool __KernelLoadExec(const char *filename, u32 paramPtr, std::string *error_string) {
 	SceKernelLoadExecParam param;
 
+	PSP_SetLoading("Loading game...");
+
 	if (paramPtr)
 		Memory::ReadStruct(paramPtr, &param);
 	else
@@ -1626,6 +1628,7 @@ bool __KernelLoadExec(const char *filename, u32 paramPtr, std::string *error_str
 
 	pspFileSystem.ReadFile(handle, temp, (size_t)info.size);
 
+	PSP_SetLoading("Loading modules...");
 	Module *module = __KernelLoadModule(temp, (size_t)info.size, 0, error_string);
 
 	if (!module || module->isFake) {
@@ -1666,6 +1669,7 @@ bool __KernelLoadExec(const char *filename, u32 paramPtr, std::string *error_str
 	if (module->nm.module_start_thread_stacksize != 0)
 		option.stacksize = module->nm.module_start_thread_stacksize;
 
+	PSP_SetLoading("Starting modules...");
 	if (paramPtr)
 		__KernelStartModule(module, param.args, (const char*)param_argp, &option);
 	else
@@ -1682,6 +1686,7 @@ bool __KernelLoadExec(const char *filename, u32 paramPtr, std::string *error_str
 
 bool __KernelLoadGEDump(const std::string &base_filename, std::string *error_string) {
 	__KernelLoadReset();
+	PSP_SetLoading("Generating code...");
 
 	mipsr4k.pc = PSP_GetUserMemoryBase();
 
diff --git a/Core/System.cpp b/Core/System.cpp
index 772f00e877..43aa2822b6 100644
--- a/Core/System.cpp
+++ b/Core/System.cpp
@@ -81,6 +81,8 @@ ParamSFOData g_paramSFO;
 static GlobalUIState globalUIState;
 static CoreParameter coreParameter;
 static FileLoader *loadedFile;
+static std::mutex loadingReasonLock;
+static std::string loadingReason;
 
 bool audioInitialized;
 
@@ -311,6 +313,7 @@ bool PSP_InitStart(const CoreParameter &coreParam, std::string *error_string) {
 	}
 	coreParameter.errorString = "";
 	pspIsIniting = true;
+	PSP_SetLoading("Loading game...");
 
 	CPU_Init();
 
@@ -334,6 +337,7 @@ bool PSP_InitUpdate(std::string *error_string) {
 	bool success = coreParameter.fileToStart != "";
 	*error_string = coreParameter.errorString;
 	if (success && gpu == nullptr) {
+		PSP_SetLoading("Starting graphics...");
 		success = GPU_Init(coreParameter.graphicsContext, coreParameter.thin3d);
 		if (!success) {
 			PSP_Shutdown();
@@ -416,6 +420,17 @@ void PSP_RunLoopFor(int cycles) {
 	PSP_RunLoopUntil(CoreTiming::GetTicks() + cycles);
 }
 
+void PSP_SetLoading(const std::string &reason) {
+	std::lock_guard<std::mutex> guard(loadingReasonLock);
+	loadingReason = reason;
+}
+
+std::string PSP_GetLoading() {
+	std::lock_guard<std::mutex> guard(loadingReasonLock);
+	return loadingReason;
+
+}
+
 CoreParameter &PSP_CoreParameter() {
 	return coreParameter;
 }
diff --git a/Core/System.h b/Core/System.h
index 6017e88cc5..a2a3ed5c48 100644
--- a/Core/System.h
+++ b/Core/System.h
@@ -73,6 +73,9 @@ void PSP_EndHostFrame();
 void PSP_RunLoopUntil(u64 globalticks);
 void PSP_RunLoopFor(int cycles);
 
+void PSP_SetLoading(const std::string &reason);
+std::string PSP_GetLoading();
+
 // Call before PSP_BeginHostFrame() in order to not miss any GPU stats.
 void Core_UpdateDebugStats(bool collectStats);
 
diff --git a/GPU/GLES/ShaderManagerGLES.cpp b/GPU/GLES/ShaderManagerGLES.cpp
index 746d2c4f7c..b1f40a6b61 100644
--- a/GPU/GLES/ShaderManagerGLES.cpp
+++ b/GPU/GLES/ShaderManagerGLES.cpp
@@ -36,7 +36,8 @@
 #include "Common/FileUtil.h"
 #include "Core/Config.h"
 #include "Core/Host.h"
-#include "Core/Reporting.h"
+#include "Core/Reporting.h""
+#include "Core/System.h"
 #include "GPU/Math3D.h"
 #include "GPU/GPUState.h"
 #include "GPU/ge_constants.h"
@@ -869,6 +870,8 @@ bool ShaderManagerGLES::ContinuePrecompile(float sliceTime) {
 		return true;
 	}
 
+	PSP_SetLoading("Compiling shaders...");
+
 	double start = real_time_now();
 	// Let's try to keep it under sliceTime if possible.
 	double end = start + sliceTime;
diff --git a/UI/EmuScreen.cpp b/UI/EmuScreen.cpp
index 05fbd0986d..e8a51f6f35 100644
--- a/UI/EmuScreen.cpp
+++ b/UI/EmuScreen.cpp
@@ -861,7 +861,7 @@ void EmuScreen::CreateViews() {
 	root_->Add(new OnScreenMessagesView(new AnchorLayoutParams((Size)bounds.w, (Size)bounds.h)));
 
 	GameInfoBGView *loadingBG = root_->Add(new GameInfoBGView(gamePath_, new AnchorLayoutParams(FILL_PARENT, FILL_PARENT)));
-	TextView *loadingTextView = root_->Add(new TextView(sc->T("Loading game..."), new AnchorLayoutParams(bounds.centerX(), bounds.centerY(), NONE, NONE, true)));
+	TextView *loadingTextView = root_->Add(new TextView(sc->T(PSP_GetLoading()), new AnchorLayoutParams(bounds.centerX(), bounds.centerY(), NONE, NONE, true)));
 	static const int symbols[4] = {
 		I_CROSS,
 		I_CIRCLE,