Budget locks are typically used with handle attachments or keys to provide an internal physical locking mechanism for a door or cabinet. This latch opens both ways, and is also sold opening in only one direction (1086.02 and 1086.00). It takes an 8mm square drive.
This lock is commonly used for cabinets and boxes for tools and electrical items. It is also used in tool boxes, motor homes, camper trailers and utes.