PS3 Stuck on Loading Screen even with New HDD

Hello Fellow Gamers,

Recently my PS3 Slim started having problems booting up. It started getting stuck on the wave loading screen. Going by many forum suggestions, I bought a new HDD (1 TB, 5400 RPM) and set it up. It was working fine for a day. I set up my profile, and downloaded all my games back in. The next day when I tried to boot it up, it was stuck at the loading screen yet again.

Has anyone had this problem before? Do you know what's the problem and how I can fix it?

Thanks in Advance,

Justine.