diff --git a/rpcs3/Emu/Cell/PPUModule.cpp b/rpcs3/Emu/Cell/PPUModule.cpp
index a61ca614d0..18510b1cdf 100644
--- a/rpcs3/Emu/Cell/PPUModule.cpp
+++ b/rpcs3/Emu/Cell/PPUModule.cpp
@@ -1221,6 +1221,13 @@ void ppu_load_exec(const ppu_exec_object& elf)
 	{
 		const std::string lle_dir = vfs::get("/dev_flash/sys/external/");
 
+		if (!fs::is_dir(lle_dir))
+		{
+			LOG_ERROR(GENERAL, "/dev_flash/sys/external/ directory does not exist!"
+				"\nYou should install the PS3 Firmware (Menu: Tools -> Install Firmware)."
+				"\nVisit https://rpcs3.net/ for Quickstart Guide and more information.");
+		}
+
 		for (const auto& name : load_libs)
 		{
 			const ppu_prx_object obj = decrypt_self(fs::file(lle_dir + name));
@@ -1245,7 +1252,7 @@ void ppu_load_exec(const ppu_exec_object& elf)
 			}
 			else
 			{
-				LOG_FATAL(LOADER, "Failed to load %s: %s", name, obj.get_error());
+				fmt::throw_exception("Failed to load /dev_flash/sys/external/%s: %s", name, obj.get_error());
 			}
 		}
 	}
diff --git a/rpcs3/Gui/MainFrame.cpp b/rpcs3/Gui/MainFrame.cpp
index 5e6e56824d..7e6460fd2b 100644
--- a/rpcs3/Gui/MainFrame.cpp
+++ b/rpcs3/Gui/MainFrame.cpp
@@ -359,7 +359,7 @@ void MainFrame::BootElf(wxCommandEvent& WXUNUSED(event))
 	Emu.SetPath(fmt::ToUTF8(ctrl.GetPath()));
 	Emu.Load();
 
-	LOG_SUCCESS(LOADER, "(S)ELF: boot done.");
+	if (Emu.IsReady()) LOG_SUCCESS(LOADER, "(S)ELF: boot done.");
 }
 
 void MainFrame::DecryptSPRXLibraries(wxCommandEvent& WXUNUSED(event))
diff --git a/rpcs3/Loader/ELF.cpp b/rpcs3/Loader/ELF.cpp
index 8ace3d128b..933225de6d 100644
--- a/rpcs3/Loader/ELF.cpp
+++ b/rpcs3/Loader/ELF.cpp
@@ -11,7 +11,7 @@ void fmt_class_string<elf_error>::format(std::string& out, u64 arg)
 		{
 		case elf_error::ok: return "OK";
 
-		case elf_error::stream: return "Invalid stream";
+		case elf_error::stream: return "Invalid stream or file not found";
 		case elf_error::stream_header: return "Failed to read ELF header";
 		case elf_error::stream_phdrs: return "Failed to read ELF program headers";
 		case elf_error::stream_shdrs: return "Failed to read ELF section headers";