Yes it does. The intricacies of the deal might mean a bank is still actually charging interest to help facilitate (for example) a sale, but as a consumer or business, 0% finance is often available.



It's a two way deal, with responsibility on both parties. No lender is forced to lend, no borrower forced to borrow.

True.



Not quite so true.

The lender always has had and always will have the last say, it is after all their money they are lending.

How so?



Both parties. Neither can lend/borrow without the agreement and co-operation of the other.

Which bank makes you take out a loan, be it secure or unsecured?

Any "zero %" or unrealistically low-interest finance deal still has to be financed. I don't know of one single retailer of anything that finances credit arrangements themselves, all are conducted through the usual, bank-backed finance houses. The credit fees are simply financed by utilising a portion of any available manufacturer discount or retailer margin to provide up-front interest to cover the life of the agreement. So, in reality, there is no such thing as 0% finance.




Of course both parties have a responsibility to each other but the final arbiter is always the lender not the borrower.

None of them of course but that isn't what I said.

In reality, the mechanism behind the finance is irrelevant to the borrower, therefore there is 0% finance




Considering that both parties have to agree to the deal, is there any relevance to "final arbiter"?

Not so. Unless I borrow £100 and only pay back £100, no charges, no overheads, no fees, then there is no such thing as 0% finance.
The percentage doesn't have to be on the monthly payments, even if it's an admin cost, it's still a percentage that can be measured.

A good move here in Aus is forcing banks to show the full effective interest rate on loans including any fees applied. Normally pretty irrelevant on the scale of a mortgage, but often a huge add-on on smaller loans.

A bit pointless on small, short term loans though.