Can ringworm go away on its own? are there any long term effects?

Ringworm clears up: An animal ringworm (tinea or fungal infection) prefers to live in the animal and causes inflammation in skin of humans. This inflammation eventually gets rid of the disease, although it may take months of itchy unsightly rash or hair loss. Treatment is always recommended. Human fungal infection can clear on its own too, but it can be very persistent . Longterm scarring is rare after tinea clears

Yes: Ringworm can go away on its own. No long term effects except cosmetic and it can spread.